If you don't want to get wet when it's raining out and also don't mind looking like a complete jackass, the UFO Cap is for you. It's like a hat that has a giant brim that sits over your shoulders. Or something.
Essentially, it looks like a UFO, just like the name suggests, and I'm sure it does a great job of keeping you dry and leaving your hands free. But seriously, would you want to be seen in public with this thing on? It's downright ridiculous. I think I'd rather just get wet or at least carry around a normal umbrella, but your mileage may vary.