Originally Posted by ItsJustMe
The most important raingear is fenders. I don't mind getting rain on me, but I don't want to get muddy.
After that, a helmet cover and a breathable (vented, not fancy-pants fabric) jacket; mine is from J&G at bicycleclothing.com and works great even in downpours.
I just let my legs get wet unless it's < 40*F or so, in which case I put on some tights and cheap nylon shell pants so at least I have warm water and not much wind on my legs.
I agree with this. Unless I am commuting in <40F temperatures, I find it's better just to resign myself to getting wet. It's amazing how much fun it can be to ride in the rain.
If you want to stop the all of the rain, I agree with Jarey--spend the money (or save until you can spend the money) it takes to get the best, most breathable stuff.