SRS -

For cold and wet, I'm told that you can't beat a "wet suit" (as in SCUBA). I can attest that you do see that attire on Seattle area beaches when it's chilly, and the assumption would be that it's goeyducks they're looking for.

If you want more "conventional" attire, I'd suggest looking for recommendations from the numerous mountaineering club sites, or just check with one of the suppliers like REI. Silk "longies" under lycra or spandex seem to be popular choices.

My high school track coach recommended panty hose for warmth that won't inhibit free motion, so don't overlook them for a "cheap" possibility. I can attest that in 10F weather they provide significant warmth, but after the first couple of miles they DO NOT GET ALONG WITH HAIRY LEGS!

John