You can also use port forwarding on your router to your host machine on a port you specify. This might be a better solution to the HOSTS file because they have been known to be deleted and overwritten by programs. Having a hardware pointer is also faster than software and effects all clients, not just the localhost. Also you can specify which particular ports you're hosting from, including non-standard ports. The setup I have running now at
http://help420me.kicks-ass.net points to port 80 but gets forwarded to port 32420 through the router. I also use DynDNS for dynamic IP host updating.