Usually, recruiters a candidate having several job changes in the past as just a sign of instability; there are, however, few recruiters who may look beyond and see the experience, skills and knowledge the candidate has acquired, working across multiple domains & organizations.

If your were the hiring manager, how would you go about it in such a situation?

If I were the hiring manager, I would handle this on a case-to-case basis. If I see a candidate who has changed jobs frequently and I would try to enquire him/her as why these many job changes have happened. I will ensure that there is no legal or criminal record against the person (as much as I can confirm that). I will also check if it's a good bet to have a person who has made many changes , essentially to identify what X-factor he/she can bring to my organisation. That will be a key factor for me and after ascertaining the facts that why he/she jumped from other organisations and if the answers are convincing, then I will take a call accordingly.  So no criminal record or legal issues, Genuine reasons for leaving organisations and X-factor (value add to the organisation) can make the candidate hired in. 

For me, if this is a highly repeated tendency, I will be sceptical as it is not just the company that chooses a candidate, it is also that the candidate who chooses a company. If it is not a highly repeated pattern, I agree with Rajesh.