Wet and cold isn't a problem if you dress right.

Here's me:

Swobo Bruno knickers (heavy wool, fairly long)
Knee high wool socks
Shimano something-something low end mtb/commuter SPD shoes
Underamour T shirt
Ibex wool top
Water resistant (they claim water proof, ha) gloves
Walz cotton cycling cap

That's good down to about 40 - 45 F. Any lower and I'd swap out the cotton cycling cap for a wool one, and anywhere below 40 F I might start wearing a cycling windbreaker over the Ibex wool thing or swap out the Ibex for a heavy cycling shell (I have Endura's, can't remember the model name). When it gets into the mid 30s F I can start wearing my good, really water proof, gloves, OR Prophets (ice climbing gloves). Around that temperature I start needing booties of some sort on my feet. I also might layer the heavy Endura shell with the Ibex wool thing in the mid 30s F.

I don't ride in ice and snow, but I also don't have a bike that'll take studs yet.