This is definitely the easiest way and probably the most secure. Most softwares can log attempts and block times as you were interested in on another thread. Also, many softwares can send emails to you with logs. It's a much easier and more efficient way then trying to do anything w/o software.
HOST file aren't really good, imagine having to block every link to yahoo.com because the HOST file can't differentiate links or domains. Like www.yahoo.com and yahoo.com are two different entries. You can block yahoo.com, then I can bypass it by typing www.yahoo.com, if you block that, I'll just type mail.yahoo.com and be able to browse anything by using one of the links to the homepage.