I access my hosts file every now and then. So after the third or fourth time of navigating down the "WINDOWS, system32, what was it next?" route, I created a batch file to make it a 3 second job.
If you use your hosts file for local development, or if a domain name hasn't propergated and you can't wait, this could be of interest to you.
As you can imagine, you can use this technique for all sorts of other shortcuts, stopping and starting services, opening up files in the deepest of directory structure etc.