Create a profile by following this guide: http://www.howtogeek.com/50236/customizing-your-powershell-profile/
Add this line to your Microsoft.PowerShell_profile.ps1 file:
$hosts = "%windir%\system32\drivers\etc\hosts"
Now you can
notepad $hosts or atom $hosts from a powershell running as Administrator
If your profile is not loading just type the following command Set-ExecutionPolicy Unrestricted