Or a Sears poncho.
I lied about that looking in every catalog at the MT50. I'm now thinking about a poncho and quit that!(just read the poncho post above).
Yes, a Gortex poncho. There's lots of ponchos out there, but nothing looks real good. Just Google it.
The poncho is a very versatile piece of gear, could even be a tent like thingy in a real pinch.

I've carried around the space rain for yrs and its worked ok. But it is not very windproof. So I now use the bottoms and the mt050 jacket. The mto50 really cuts the wind and keeps me as snug as a bug in a rug.