Drupal hooks code completion with PhpStorm 7

PhpStorm is my favourite IDE for PHP development and is a great tool for Drupal development. Drupal hook autocomplete used to be available via 3rd party plugins with varying reliability. It is now standard with PhpStorm with the recent release of PhpStorm 7 (via the Drupal Plugin). Here is a run down on how to use Drupal hook autocomplete.