I bought some waterproof shorts earlier in the year but have given up on them; all that happens is the rain runs down the shorts and soaks any tights on underneath, which then gets your socks and shoes soaked by capilliary action, even if I had waterproof booties.
For the rain, ice, wind and sleet I recently got an early Christmas present off my folks in the form of some Protective bibtights that seem to be 2-ply with a nice fleecy inner and work wonders at keeping the rain out and keeping you warm if they get a bit damp.
Unless it's raining heavily or tending towards zero, I usually cycle in some cheapo, baggy shorts as I like having pockets handy for stashing gloves, keys, mobile in and I feel like less of a pillock if I have to wander into a shop or something. I find I don't notice if my lower legs get cold, my thighs only get cold if the shorts get soaked and some neoprene booties keep my feet toastie.
I've got a real problem with my hands though, good windproof / waterproof gloves and some good merino wool liners (from my hillwalking wardrobe) struggle to keep shooting pains out. Play through the pain I guess!