If you are a developer (just a nerd will do, too), you have definitely put a fake DNS entry or two in your /etc/hosts file, at one time or another. Few things are more frustrating than doing that and having to restart your computer for the change to pick up. If you are running a local dns server (e.g. BIND) a glitch like that can happen all the time.
No worries, though. The little command below, ran from the Terminal, will clear dns cache and let your changes be applied instantaneously:
> lookupd -flushcache
or on Mac OS-X 10.5.x (Leopard):
> dscacheutil -flushcache
P.S. I don't know how to do the same on Windows, but the same problem occurs on that platform as well, since it also uses local DNS cache. If you know a solution, feel free to leave a comment :).