http://bayimg.com/GaKigAADk

HostsManPortable: Portable and Stealth 
+ includes "HostsServer" & "HostsOptimizer".

Website                  : http://www.abelhadigital.com/ 
Category                 : Windows Utility, Security, Proxy 
Size                     : 6.07 MB (6,372,198 bytes) 
License                  : Free 
Version                  : 3.2.73 
Released                 : February 6, 2010 
Writes Settings To       : Application Folder 
Stealth               [?]: Yes (http://www.portablefreeware.com/faq.php#stealth)
Format                   : NSIS (http://nsis.sourceforge.net/Main_Page) 
Compatibility            : WinAll, 32/64 
Dependency               : Administrative Rights for full functionality.
Settings Saved        [?]: Yes 
Synopsis                 : HostsMan is a freeware hosts file manager and editor.
                           HostsMan can update, optimize, & remove duplicates.
                           HostsMan also comes with an optional local server.
How to Extract           : Extract "self-extracting" EXE to desired folder, 
                           launch "HostsManPortable.exe".

Review:
I use this over other similar software because:
- HostsMan can Optimize your "hosts" file for better, faster, consumption by your PC. It can find duplicates, edit, remove comments, swap localhost address, etc.
- You can even add your own favorite update list and HostsMan will check, update, optimize, then merge into your "hosts" file. It has a few default list built in.
- It comes with an optional "Server".
- Anything related to the "hosts" file: HostsMan can handle... unlike other similar software that only edit.

Not familiar with the benefits of using the "hosts" file? 
http://pgl.yoyo.org/adservers/