Ride! Ride! Ride! As a seattle cyclist I have no choice but to ride in the rain. Sometimes it gets old, but the more you do it the easier and better it gets. I've tried a number of combinations to stay warm and dry but have given up any hope of staying dry and now I just focus on staying warm. Removeable fenders are nice but check out the planet bike freddy fenders they are much cheaper than the SKS raceblades and are much more adjustable. I have one of those cheap rain/sweat jackets but I don't wear it unless its really coming down. I prefer to wear something "water resistant" that breaths. Personally, I like my neoprene booties and some sort of helmet liner/cycling cap for my rain rides as well.

Watch out for manholes and painted surfaces on the road as they are REALLY slippery. Otherwise, just try and relax and enjoy yourself.