Get a $25 pair of neoprene waders from a "Building 19" surplus store and cut the feet off.
If you've been a commercial fisherman you'll know what's good about these garments and why you'd want one. They've got the benefits of traditional gear, plus a bit of insulation and flotation. Safety note: you'll still need a life vest to keep your unconscious head up with these)
Here's Erich Brandeau sporting the new fall look.
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Step 1: Quicker Than Explaining the Problems With Gore-tex
I really wanted a pair of these while canoeing to Alaska in the rain while my skin came off. So after I got back I patched a pair together from scrap neoprene. As soon as I was done I found the cheap waders and realized there was an easier way. Now you, gentle reader, can reap the benefits.
Traditional foulweather gear consists of waterproof bib overalls, jacket, and hat, with greasy wool underneath. This garb allows you to easily control airflow and shed layers. When you're standing up (working hard) you get good chimney effect ventilation up the legs. You can wear this stuff day after day without getting rashes and saltwater sores. The reasons go on and on.
Ask a fisherman or fireman why they dress funny, and they'll give you a good long lecture if they think you're worth it.
Here's another good source of durable neoprene:
My survival suit which I got out of a marina dumpster. You can't actually do anything while wearing one of these, which is why in disasters people never put them on. In a disaster people are even busier than usual. What you're supposed to do is put the thing on halfway and tie the arms around your waist. Then deal with the disaster, then accidentally fall into the cold water and wait for someone to add your rescue to their list of things to do.