my cold & (light) rain outfit goes something like this:

* wool socks
* wool knickers (ibex)
* wool base layer (ibex)
* wool short-sleeve jersey
* wool long-sleeve jersey over that (ibex)
* sealskinz gloves
* wool cap for the ears
* bandana for the neck & chin

if it's raining hard, which it does do sometimes around here, i add:

* rain pants
* rain jacket
* cycling cap
* plastic bags under booties on the feet
* a dose of HTFU, just for pcad!

my sealskinz gloves are good, but they did get soaked recently on a 3+ hour ride in the rain. still, they are the best gloves i've bought to date, and want to pick up some socks too.

oh, and i have full fenders on my bike, which helps a ton in terms of road-spray.