I just posted this in the kayak section.

I start with knee high silk weight liner socks along with silk weight boxer briefs and under shirt. Then it's a baselayer pant and long sleeve shirt followed by knee high wool socks. The next layer consists of a fleece 1/4 zip sweatshirt and fleece wader pants. Then I'll add one more layer of pants which are kind of like your standard fishing pants but made with slightly thicker material. Everything I wear is designed to pull moisture away from my body. You'll also notice that I wear multiple layers which allows me to remove layers as the outside temperature or my body's temperature rises through the day. While on the water I wear breathable, stockingfoot waders, wading boots, and a lightweight, breathable, windproof rain jacket. This may sound cumbersome and bulky, but I don't feel restricted at all. A fleece beanie, glomitts (fingerless gloves that have the mitten cover flap), and a buff finish off my winter garb.