I agree with the ATGATT (All The Gear All The Time) motto!
This is a great place to get some sweet (inexpensive) deals if they happen to have your size.
Peruano is right! Layers, layers, layers. I get my base layers at Walmart. You can get Dri-Star pants for $9
and a long sleeve Dri-Star shirt for $8
. After that I use thin fleeze long sleeve shirt and fleeze pants. On top of that goes my jacket, I use an Olympia AST 3/4 jacket
. It retails for $299 but you can find better deals online.
Another option would be the Firstgear Jaunt jacket. They have it for $199 at newenough.com
Or if you wear a 52 then get this Teknics Stinger Jacket - Waterproof 3/4 Length Jacket - CE Armor - Removable Liner
On top of all the gear I use Froggs-Koggs $50
(make sure to get the 1 or 2 size larger as it goes over everything). It works both as rain protection and as an extra layer (wind breaker).
You can get a full size HJC CL-15 for under $75 here
. It is a great helmet for the $$. Read a review here
. Selected helmet of the year in 2005 and that was the previous model the CL-14.
All in all, you can get a Jacket for $90, pants for $80
, full size helmet for $75, rain suit for $50. Misc base layers and fleece for about $50. And use the rest for good waterproof boots. And don't forget to get nice merino wool socks.
Grand total: $345
As far as gloves, my experience is that no matter how waterproof they say the gloves are they get wet. I personally carry 3 pairs.