I wear a $30 pair of sports chalet water boots, a bathing suit under a pair of waterproof parachute pants, nothing special, just some windbreaker style walmart pants or w/e, (you get wet when u get in the water launching and what not, but dry very quickly), an under armour, or sometimes a reebok version, basically any long sleeve compression shirt, the reebok ones can be found around $20 at a lot of sports stores, (absorbs a lot of the water that hits it keeping the water off me) under a t-shirt, and a sweatshirt. I usually wear my PFD under my sweatshirt, you stay very warm like this, (sometimes have to take off the sweatshirt even at 5 am) and if you get wet, the pfd will stop you from gettng wet. I've taken a wave to the chest, and the pfd keeps the water in my sweat shirt from touching my shirts, hence keeping it from my body and i still stay warm with a wet sweatshirt.
Paddle on brotha