By opening a chest with Storage active, you store the collection of the item. While you have the collection stored, you can clip partially into walls and walk up incredibly steep slopes, even trees. You can also use the hookshot through walls. This however makes you unable to grab higher ledges or climb ladders. You can still climb the ladder if you hookshot to it.
If you store a big chest that opens with a scene (Piece of Heart, dungeon item, etc), then leave the quadrant or go into a loading zone, the chest will remain closed, and can be reobtained (see Heart Piece Duplication). Opening such a chest will also make nearly everything pitch black, until you do one of the aforementioned things.
If you store a small brown chest, the world won't turn dark, but the chest will be opened after reloading the area, contrarely to big chests which can be re-opened later if they've been stored.
The item the chest contains will be obtained once you've gone through a loading zone or left the quadrant in the case of the overworld.
Note: There is another method of getting altered collision that is even stronger. See Door Cancel for more information. These two glitches are sometimes interchangeable.
Perform Storage, then get Chest Storage on a chest with a Heart Piece in it. Leave the quadrant, or go into a house. You'll have the Heart Piece, and the chest you opened will be closed, allowing you to re-obtain it for as many times as you want. Note that you cannot go over the limit of 20 Heart Containers.
You can also use stored text to cancel the animation of opening chests. Normally, for most chests, this is unnecessary. However with chests with cutscenes (such as those containing heart pieces, treasure charts, or dungeon items) canceling this cutscene will prevent your screen from turning black.
First, store text off of a sign, KoRL, etc. Now open the chest and mash through the text. This will end the chest cutscene later than traditional text storage would, yet early enough so that you do not get the item from the chest--preventing your screen from turning black while still giving you chest storage. However, the chest will not remain closed after receiving the item like it would if Text Storage was not used. This is useful for skipping the Cabana Deed for example.
Note: If the text takes up many text boxes, you must use the wind waker to make the textbo appear before you open the chest, and go through the text a little.
You can transfer small keys from one dungeon to another using Storage. Simply store a chest containing a small key and without reloading the dungeon, either enter the boss room or leave the dungeon normally. You will be able to use the small key in the next dungeon you enter.
This also works with freestanding small keys, however this requires leaving the dungeon without loading another room first, because stored freestanding small keys are obtained on room transition also. This requires deathwarping and abusing savewarp flags to work.