You should be able to edit the hosts file in place.
You may have to remove the read only attribute from it in order to do so.
Using notepad
Here is what mine looks like
# Copyright (c) 1993-1999 Microsoft Corp.
#
# This is a sample HOSTS file used by Microsoft TCP/IP for Windows.
#
# This file contains the mappings of IP addresses to host names. Each
# entry should be kept on an individual line. The IP address should
# be placed in the first column followed by the corresponding host name.
# The IP address and the host name should be separated by at least one
# space.
#
# Additionally, comments (such as these) may be inserted on individual
# lines or following the machine name denoted by a '#' symbol.
#
# For example:
#
# 102.54.94.97 rhino.acme.com # source server
# 38.25.63.10 x.acme.com # x client host
# localhost name resolution is handle within DNS itself.
# 127.0.0.1 localhost
# ::1 localhost
As you can see every line is remarked out by the "#" symbol and no issues with I.E. or any other browser.
C:\Windows\System32\drivers\etc\hosts (no file extension)
In the interest of being extra careful you can always create a backup of the file and name it something like hosts.OLD