Under active development
This Drush extension provides simple commands for managing entries in /etc/hosts. From the project's help text:
$ drush hosts --help
Manage entries in /etc/hosts. (Requires sudo password)
--fqdn A comma-delimited list of domain names. [...]
--ip The IP address of the server or site.
--purge Remove all entries in /etc/hosts [...]
--remove Remove an IP address or domain(s).