As already answered hosts is just a text file so you can use any text editor. Since it exists in /etc and you cannot edit as general user you need to use sudo. The graphical frontend to sudo is gksu. So basically doing gksu YOUR_GRAPHICAL_EDITOR /etc/hosts will do it OR you can use terminal with nano and vim. I recommend nano as it is quite easy.

sudo nano /etc/hosts

In order to ease the command you can use alias.

So edit your .bashrc file in your $HOME. i.e.
In your terminal do:

nano .bashrc 

Add

alias edithosts='gksu YOUR_GRAPHICAL_EDITOR /etc/hosts' OR 'sudo nano/vim/vi /etc/hosts'

and save it with Ctrl+x. And do source ~/.bashrc. Then you can use edithosts from commandline to use it.

If you use unity you may use quicklist as well What Custom Launchers and Unity Quicklists are available?