Regulates G protein-coupled receptor signaling cascades. Inhibits signal transduction by increasing the GTPase activity of G protein alpha subunits, thereby driving them into their inactive GDP-bound form (PubMed:10521509, PubMed:10862767). The RGS7/GNB5 dimer enhances GNAO1 GTPase activity (PubMed:10521509). May play a role in synaptic vesicle exocytosis (PubMed:12659861). Modulates the activity of potassium channels that are activated by GNAO1 in response to muscarinic acetylcholine receptor M2/CHRM2 signaling (PubMed:15897264). Interacts with PKD1; this prevents rapid proteasomal degradation (PubMed:10339594). Interacts with GNB5 (PubMed:10521509, PubMed:10339615). Interacts with RGS7BP, leading to regulate the subcellular location of the heterodimer formed with GNB5 (PubMed:15897264). Interacts (phosphorylated form) with 14-3-3 protein YWHAQ (PubMed:10862767). Interacts with SNAPIN (PubMed:12659861). Interacts with GNAI1 (PubMed:18434541). Interacts with GNAO1, GNAI3 and GNAZ (By similarity). Interaction with PKD1 promotes location at the cell membrane (PubMed:10339594). Interaction with RGS7BP promotes location at the cell membrane (PubMed:15897264). Palmitoylated. Ubiquitinated, leading to rapid proteasomal degradation. Phosphorylation and subsequent interaction with 14-3-3 proteins inhibits GAP activity.