Storage is a glitch that affects the next event that occurs. It is the state of being in a nonpositive cutscene. By canceling out of cutscenes twice (Dry Storage), or by activating two cutscenes at the same time and canceling them both (Forest Water Storage), you are in a nonpostive cutscene state. The next event you activate will put you into a normal state instead of the state of being in a event, so is either "stored" or deleted, depending on the event. When activating another event, typically pulling out the Wind Waker or talking to another person, it will play the stored event instead. Some of these evemt will give you storage back when they finish playing, some will not.
Perform a Wind Waker Dive above land. 3 frames before you touch the ground, put the Wind Waker away. The HUD for the Wind Waker will disappear, but you will still be holding out the Wind Waker. Put this glitched Wind Waker away and now storage is active.
Pull out the Wind Waker on the same frame that your Forest Water expires. From here, you can do many different things. Going into a loading zone or death-warping cancels this.
When you talk to someone or something when you have Storage active, their text is stored, they freeze and are unable to be spoken to again, and the next thing you speak to reads off the stored text. Some characters will only say part of it, and either cut it off, or say their own text after a single box of the stored text. This can result in some humorous results, such as the King of Red Lions talking about how fine he looks, or the Tingle Tuner telling you not to touch it with filthy hands.
Note: If you get storage and then preform text storage, even if you exit that object's stored text box, you can simply interact with it again to re-store its text--meaning that you don't have to get storage again.
In addition to talking to another character, sign, etc. to bring up the stored text, you can also bring up the stored text by pulling out the wind waker. When you exit out of the stored text box at the same time as interacting with another animation (such as opening a chest or opening a door) that animation will be cut-off early. This is the guiding principle behind Door Cancel, as described below.
For some doors, if you exit out of the text box with the same A press as you open a door, an interesting thing will occur. Your screen will not turn black as with Door Cancel, and Link will not enter the door either. However, if you pull out your wind waker again, you will teleport to the door that you tried to open.
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.
With the increased usage of superswimming to cross the overworld map due to the discovery of dry storage, special care has to be taken with some islands that have entry cutscenes (such as Forest Haven, Greatfish, and the 2nd visit to Outset to retrieve Nayru's Pearl). This is because if you enter these cutscenes with storage active, your game will soft lock, as camera lock behaves a bit differently for dry storage as compared to forest water storage. However there is a way to get around this by using text storage.
Preform dry storage once, then store the King of Red Lions' text. Preform dry storage again and make sure that the King of Red Lions' text box has popped back up while you're walking around. Now pull out the wind waker to lock the camera. From here it is fine to exit KoRL's text. Now when you hit the entry cutscene trigger, you will store the cutscene and avoid the soft lock.
Using Scene Cancel while going through a door allows you to regain control with altered collision. This collision is an intensified version of Chest Storage, where it is possible to climb steep slopes like with Chest Storage, but it is also possible to walk through most walls and objects. Some objects, such as the tree's on the path to Forest of Fairies on Outset, cannot be walked through. While in Door Cancel, the screen will fade out to either black or white. While pausing or opening the map, you regain visibility for a moment. The HUD still remains visible, so it is also possible to navigate with the mini-map.
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.
If you store a 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. Opening such a chest will also make nearly everything pitch black, until you do one of the aforementioned things.
However, it is possible to prevent your screen from going black by using text storage. To do this, store text off of a sign, KoRL, etc. Note: If the text takes up more than one text box, you must use the wind waker to get the text to the green arrow on the text box before the last text box before you open the chest. 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. This is especially useful for skipping the Cabana Deed.
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 reobtain it for as many times as you're willing to wait for Forest Water to expire. However, the usefulness of this is very limited, as you cannot go over the limit of 20 Heart Containers.
When you store opening a door, the door freezes, and becomes unable to be opened. After you store a door, if you open another door, one of two things will happen.
It is currently unknown how to force one of the two results, if it's even possible.
By activating a scene with Storage on, you can interrupt a scene. Depending on what kind of scene it is, you can walk around during the scene, or even erase the scene. This can be used to skip some minor cutscenes, such as the one that occurs in the main room of DRC, or for reaching the warp points that appear after you defeat a boss while the final cutscenes are playing.
In some cases though (such as the scene that loads as soon as you touch the entrance to the basement in Hyrule 2), a scene getting erased will render you trapped forever, with no way to progress.
After you activate Storage, if you use any item that changes the camera to a fixed position, it'll get stuck that way until you go into a warp point, or use another item that sets the camera in a fixed position. Locking the camera with the Wind Waker enables you to Superswim.
After you activate the forest water glitch with the wind waker, you can delay, store, and mess up various cutscenes that you trigger. The death cutscene is an interesting one though. If you die with this effect, it will put you in a "fake death" cutscene. This cutscene will act exactly the same as the real death cutscene, however it will cancel if link is put into a falling animation. This cutscene also doesn't freeze any enemies or objects. For whatever reason, if you cancel the death cutscene halfway through, just as the "GAME OVER" text is appearing, the "would you like to continue" screen appears. The strange thing is, when you press continue or quit, link is instantly given 3 hearts. Pressing quit will give link 3 hearts and return him to the title screen, while continue will mean you can still play with the screen darkened. This can be used then for getting some height with a hover then healing in places where Tingle doesn't work.
Note: You must start the fall as soon as you see the first letter from "Game Over". If the cutscene is interrupted too early, you won't get the continue screen, too late and you won't have very much time to hover before it comes up.