This setup is based on Eclipse 3.6, installation process for 3.7 is supposed to be easier.
Start with Eclipse IDE for C/C++ Linux Developers package (http://www.eclipse.org/downloads/packages/eclipse-ide-cc-linux-developers-includes-incubating-components/heliossr1).
Install missing Target Management features.
Install cross compiler support.
Creating and building a new project
Start Eclipse, switch to the "C/C++" perspective.
Go to "New->C/C++ Project".
On the first page, enter your project name.
Select "Executable-> Cross-Compile Project" on the left tab and "Cross GCC" on the right, click "Next".
On the "Command" wizard page enter your compiler prefix and an absolute path to the directory where your cross tools live, click "Finish".
Now, your project will be built with the use of your cross tools.