etc contains the hosts file, where you can add IP address to hostname mappings, so you can customize things there. LMHOSTS does the same thing, but for the Network Neighborhood.
Basically, there's nothing to mess with there. Sometimes, people map known spamhosts or ad servers domain names to 127.0.0.1, to block those ads. But, that's about it, and there's really no point to doing that, even, as there are way to many ad servers to fool with blocking.
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