I've been following some of the HOW-TO's on here, specifically this one on how to change my hostname. I'm stuck on what the hosts file should actually have in it though. Here is what mine looks like

XX.XX.XXX.XX server.myserver.com cpanel.ev1servers.net cpanel plain.rackshack.net plain
127.0.0.1 localhost

Can I delete all the junk I've put in bold?

yes that can be removed just need server.yourserver server
if you need help let me know

AIM : CanisLupusYO

/etc/hosts just tells the server which domains it should associate with certain ips. You can use this to override with the dns servers are saying or to speed up resolution. Normally you would only put the hostname.

Yeah, I just left my hostname like AeroStar described.