In this work, a static relaying protocol, called Decode or Quantize and Forward (DoQF), is introduced for half duplex single-relay networks, and its performance is studied in the context of communications over slow fading wireless channels. The proposed protocol is inspired by the so-called Compress-and-Forward (CF) but only needs statistical Channel State Information at the Transmitter (CSIT). First, we analyze the behavior of the outage probability P_o of the proposed protocol as the SNR ?? tends to infinity. In this case, we prove that ??^2 P_o converges to a constant ??. We refer to this constant as the outage probability gain and we derive its closed-form expression for a general class of wireless channels that includes Rayleigh and Rice. We furthermore prove that the DoQF protocol has the best achievable outage gain in the wide class of half-duplex static relaying protocols and we minimize ?? w.r.t the power allocation to the source and the relay and the durations of the slots. Next, we focus on Rayleigh channels to derive the Diversity-Multiplexing Tradeoff (DMT) of the DoQF. Our results show that the DoQF achieves the 2 by 1 MISO DMT upper-bound for multiplexing gains r<0.25.