Took me a while to pin this one down. Try this alias, and notice the effect of simply having a "." in the description.
1000>>>eh>->Edit hosts | notepad.exe c:\windows\system32\drivers\etc\hosts>n>Edit hosts. | notepad.exe c:\windows\system32\drivers\etc\hosts
I'm guessing it's a bug, but could be a feature I just don't know about. First one works find. Second one shows up very oddly in search results (Name col has "hosts", and Location has "etc\"), and doesn't actually do anything when selected.
I was creating an alias to shortcut to the config files I edit frequently, which tripped this bug, since I was putting the filename with extension in the description. For now, I'm just omitting periods from the description to get it to work.