This is additional information to learn. Post 2.6, as mentioned in another answer, the Makefile will take care of most of the steps involved in compiling a Linux kernel module. However, this is still based on GCC, and so it goes: (you can compile it without a Makefile too)
The following GCC parameters are required:
gcc -DMODULE -D__KERNEL__ -isystem /lib/modules/$(uname -r)/build/include -c hello.c -o hello.ko