I doubt this is possible without extensive jail-breaking, but is it at all possible to edit the iPad's (or any iOS device's) hosts file?
Hit the start menu or press the Windows key and start typing Notepad. Right-click Notepad and choose Run as administrator. Now you'll be able to edit and save changes to your HOSTS file.
Modifying your hosts file causes your local machine to look directly at the Internet Protocol (IP) address that you specify. Rackspace offers managed hosting solutions to assist with the handling of these resources.
No, an iPhone application can only change stuff within its own little sandbox.
The previous answer is correct, but if the effect you are looking for is to redirect HTTP traffic for a domain to another IP there is a way.
Since it technically is not answering your question, I have asked and answered the question here:
How can I redirect HTTP requests made from an iPad?
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