Super Hack Root
REQUIRES ROOT - Super Hack allows you to set your devices debug bridge to connect over TCP/IP (ADB over TCP) and also has a 'hosts' file editor.
To get ADB over TCP working, your phone needs to be connected to the same network as your PC running ADB via WiFi or some form of ethernet.
Windows command: "adb connect {Phone IP}:{Port}"
Example: "adb connect 192.168.10.24:5321"
To switch back to USB Debugging, use: "adb usb" while the device is connected to the PC via USB
Also ensure that USB Debugging is enabled in Menu->Settings->Applications->Development.
Note: The source code for Super Hack Root is now available on Github at the following address: https://github.com/Stuyvenstein/SuperHack
That's it. Enjoy!