Is there a way to add more than one type hinting to a method? For example, foo(param) must receive a instance of string OR bar OR baz. Thank you.
Type hinting only allows for one hint per parameter (and also, the hint needs to be array or a class name, you can't hint string), but you can do this by checking the type of the param within your function, using get_class:
function foo($param)
{
  if (!(is_string($param) || in_array(get_class($param), array("Bar", "Baz")))
  {
    // invalid type for $param!
  }
}
You could even use trigger_error to have it fail with a PHP error (like it would if a type hint failed) if you wanted.
That is not possible to enforce (except inside the method). You can only provide a single type hint, and only to objects/interfaces and arrays (since PHP 5.1).
You can/should however document it in your method, i.e:
/**
 * @param string|Bar|Baz $param1
 */
function foo($param1);
This is one use of interfaces.  If you want to be sure that the object has a ->foobar($baz) method, you could expect an interface:
interface iFooBar {
    public function foobar($baz);
}
class Foo implements iFooBar {
    public function foobar($baz) { echo $baz; }
}
class Bar implements iFooBar {
    public function foobar($baz) { print_r($baz); }
}
function doSomething(iFooBar $foo) {
    $foo->foobar('something');
}
Then, when calling, these will work:
doSomething(new Foo());
doSomething(new Bar());
These will not:
doSomething(new StdClass());
doSomething('testing');
Fantastic question. It applies to both IDE documentation and PHP 5 Type Hinting. You have to remember that in OO polymorphism is your friend.
If you create a base class and extend them, your type hint will be base class... all extended class will work. See example below.
//
$test = new DUITest();
//  Calls below will work because of polymorphism
echo $test->test(new Molecule()) . '<br/>';
echo $test->test(new Vodka()) . '<br/>';
echo $test->test(new Driver()) . '<br/>';
echo $test->test(new Car()) . '<br/>';
//  Will not work because different data type
echo $test->test(new Pig()) . '<br/>';
echo $test->test(new Cop()) . '<br/>';
echo $test->test('test') . '<br/>';
echo $test->test(array()) . '<br/>';
/**
 * Class to test 
 */
class DUITest {
    public function __construct() {
        ;
    }
    /**
     * Using type-hinting
     * 
     * See below link for more information
     * @link http://www.php.net/manual/en/language.oop5.typehinting.php
     * 
     * @param Molecule|Car|Driver|Vodka $obj 
     */
    public function test(Molecule $obj) {
        echo $obj;
    }
}
/**
 * Base Class
 */
class Molecule {
    public function __construct() {}
    /**
     * Outputs name of class of current object
     * @return <type> 
     */
    public function __toString() {
        return get_class($this);
    }
}
class Car extends Molecule {}
class Driver extends Molecule {}
class Vodka extends Molecule {}
class Pig {}
class Cop extends Pig{}