Is there truely "waterproof" riding gear?

Reading the Rain-X thread got me thinking again (it hurt) about something I meant to ask donkeys ago.
What have you guys found to be truely waterproof?
On my 30 minute dribble into the city everyday it rains every now and then (this is Melbourne after all).
Now i'm a sook, and I hate getting wet and cold.
So currently I have a one peice rivet oversuit that claims to be "100% waterproof". Well I can certainly argue that it's not, it loves soaking through at the points were the water puddles the most, ie your nuts and knees. Now there's nothing worse than walking into your first lecture of the morning looking like you've had an accident (not the falling off kind) on the way in.
So I ponder the question, is anything really waterproof?
Can anyone recommend something to me that will keep me dry?
Now being a poor Uni student, anything I ride in I stay in, all day. Hence why I ride wearing jeans and runners. I'd love to be more responsible for my own health and ride every day in leathers and boots, but its just beyond practical. I mention this because any wet weather gear would need to be something I could sit around in for the rest of the day. The oversuit can be shoved into my bag during the day.
So what do you guys wear?
What have you guys found to be truely waterproof?
On my 30 minute dribble into the city everyday it rains every now and then (this is Melbourne after all).
Now i'm a sook, and I hate getting wet and cold.
So currently I have a one peice rivet oversuit that claims to be "100% waterproof". Well I can certainly argue that it's not, it loves soaking through at the points were the water puddles the most, ie your nuts and knees. Now there's nothing worse than walking into your first lecture of the morning looking like you've had an accident (not the falling off kind) on the way in.
So I ponder the question, is anything really waterproof?
Can anyone recommend something to me that will keep me dry?
Now being a poor Uni student, anything I ride in I stay in, all day. Hence why I ride wearing jeans and runners. I'd love to be more responsible for my own health and ride every day in leathers and boots, but its just beyond practical. I mention this because any wet weather gear would need to be something I could sit around in for the rest of the day. The oversuit can be shoved into my bag during the day.
So what do you guys wear?