With being new to this I have never saved my blobs I am on 4.3.3 and my cydia has SHSH: 4.3.3 at the top I think its green (I'm colourblind).
I have also changed my HOST file to redirect to bypass apple so it goes to the cydia server.
No, that's fine. The good news is that Cydia has been saving your blobs for you, so you are able to restore to 4.3.3 any time you want. And you have redirected your hosts file to Cydia so you are pretty much good to go should the worst happen.
If you do need to restore, just download the 4.3.3 firmware (we have a sticky with the links if you need it), and then open iTunes and shift-restore (option-restore on OSX). That means hold down the shift key whilst pressing the restore button in iTunes with your mouse.
iTunes will prompt you to pick the firmware to restore, and you should choose the 4.3.3 file you downloaded.
If you used jailbreakme.com 3.0 to jailbreak, that will work. If you used any of the other tools, you will need to put the device into DFU mode before you shift-restore in iTunes. We have a sticky on that as well.
If you get stuck in recovery mode at the end of the process, just donwnload TinyUmbrealla and use the "Exit Recovery" button provided in that.
But honestly, don't fret about it until it happens. Just enjoy your jailbreak knowing you have it covered. OK?