How to install Elixir using Chocolatey on Windows

I got hooked on Elixir after reading Programming Elixir by Dave Thomas so I had to figure out how to install it on Windows. Turns out that installing Elixir on Windows is very easy using Chocolatey. If you haven't heard of Chocolately before, it is the missing package manager for Windows (similar to apt-get or homebrew). When combined with Boxstarter, it can be used to automatically set up your development environment.