Put that helmet cover over your seat when you park in the rain. The rest of the bike doesn't mind the rain any more than when you're riding in it. It won't hurt it any more to sit in the rain, in fact it'll be cleaner than what's splashing up off the pavement.

Heh I'm at the other side of the spectrum myself. We get short rains, but they are once or twice a week, windy and downpour..

So far I have a plastic rainjacket with hood (i rarely use the hood though)...that's it shoe covers are next, as well as rainpants once I can find a pair that fits me...all the one's I've tried fit like tights...and I'm a plainclothes rider.

No fenders since my bike doesn't seem to have room for them.

For glasses, I just use an inspection cloth I picked up from work, they seem to dry out really quickly, so they are nice for this use. If I forgot the cloth...well index finger time

Strong lights are a MUST...reduced visibility means your average $5 blinkie will probably not be seen. Cateye makes some $15-20 models of rear light that are plenty bright for anything but thick fog. For the front, a nice C-cell powered halogen light could work (use NiMH batteries and charrge them every night to save cash on bettery costs if you go this route), or get a nice halogen like a cygolite or niterider.

I live in Oregon so I've resigned myself to the fact that I'm going to get wet. I added a fender set so that should help but at times it’s a torrential downpour here. I’m luck in that I have an office so my plan is to keep a couple pair of pants here, and just purchase 5 shirts for work and leave them at the office. I’ll just wear my padded tights and a light water repellent wind breaker. A little hair gel and a change of clothes and no one will be the wiser.
I really didn’t think it was going to cost me to commute by bike but it’s starting to add up. But at $2.45 a gallon it won’t take long to break even. Besides, I’ll look better by summer.