Doing much with the hosts file is rather cumbersome unless you visit only a very few sites, in which case you only allow those and ban everything else. On a PC, or notebook, the easy option is to use Firefox and install AdBlock+ and NoScript. With those installed you control what you see - no more flash adds, no more tracking by third hand sites and so on.
There is a version of Firefox for Android available but it needs quite a lot more work on it at the moment.
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