How to setup Virtual Hosts in WAMP

Starting with WAMP, it allows developers to setup site in their local machine just like we setup on dev or production server. I've installed WAMP in my "C:\" drive. After installing WAMP, we get a directory called "C:\wamp\www" which we can directly access using "http://localhost" and any files and directory inside it by appending that to localhost. Suppose I've example as a directory in my "C:\wamp\www" directory so I can access it using my web-browser directly with "http://localhost/example".