1. A method for executing a target application on a processor comprising: interpreting target instructions included in a sequence of target instructions a plurality of times; collecting statistics regarding execution of instructions in the sequence of target instructions as the sequence is interpreted; using the statistics to determine whether to cease interpreting the target instructions; translating into host instructions the target instructions included in the sequence of target instructions after ceasing the interpreting to produce translated host instructions; and executing the translated host instructions in response to a determination that the sequence of target instructions is to be executed.