No I meant a wetsuit. Wetsuits are completely waterproof aside from a select few entry points where water is allowed to seep through as you first get in the water.
The idea behind their operation is that you have a thin film of warm water around your body, isolated by a waterproof neophrene layer. So there's: The Sea -> neophrene -> Warm water that doesn't freely mix with the sea -> You.
That doesn't work (as deadmansshoes thought) if you're wearing normal clothes instead of a neophrene layer. In that case the water next to your body is constantly being replaced by new & cold water, faster than you can heat it up to provide you with insulation.
Both wetsuit and drysuits depend on there being a layer next to your body that you heat up. With wetsuits this is a layer of water that doesn't get swapped out, with drysuits it's a layer of air + rubber.
See: http://en.wikipedia.org/wiki/Wetsuit
". . .a thin layer of trapped water could be tolerated between the suit fabric and the skin, so long as insulation was present in the fabric in the form of trapped bubbles. In this case, the water would quickly reach skin temperature and the air in the fabric would continue to act as the thermal insulation to keep it that way. The suit did not need to be dry to be insulative."