I'm not sure exactly what this program, "Hosts" is supposed to do.
Will it help with me with BLM?, updating bad IP's, etc..?

Have you read the bluetack FAQ? Or tried a site search, or a google search? HOSTS file isn't a "program" per se, it's more of a file, which is included in many OSs for domain name resolution.

no, I haven't researched this I just found about this, can you get me a link to the bluetak faq? i'm just wondering what's the purpose of this and if it would be useful to me.

sir, on the side nav bar you will see

FAQ Main Page

Please looks a little bit better next time.