You first line should do the trick although you might want to add an additional short name to that entry.
Your second entry will never work. You can not redirect/mask an IP address with another IP address. The server should no longer think it should be resolved at 192.168.1.2 once you put the first line in place.
To be 100% sure you can always Flush the DNS cache for good measure. http://technet.microsoft.com/en-us/library/cc782459(v=ws.10).aspx
This is worth reading and should explain the process of name resolution on Windows operating systems: http://support.microsoft.com/kb/172218.
Hosts files can not redirect IP addresses. They can only redirect names/hosts to resolve to a different IP address.