Updating host file
In short, its the only Hosts Manager that you will even need. Sys Mate Hosts File Manager is another tool that lets you do so.
How to manually reset Hosts file back to default in Windows may also interest you.
It also lets you easily add third-party Hosts lists that help in blocking malware sites and lets you easily enable or disable the hosts file.
It includes a built-in hosts file updater & a hosts editor.
As @Ferruccio said, Hosts changes should be immediate in Windows.Unlike the other comments, I find that pinging a name after updating the LMHOSTS file does not use the new IP immediately.