"I've made some clothing from closed cell foam with some success. It stays warm when wet but it is hard to get it to fit. On some trips I will take along a float coat. It is made for boaters and is made of closed cell foam. It is heavy, however."
I like that concept of making clothing from unconventional materials
I keep thinking about making something like a vest out of bubble wrap. That would be lightweight. If the bubbles face you then there would be some ventilation for persipiration. If the bubbles face away you got a vapor barrier.

