If you're out when it's raining, you may want to switch to fleece or wool. I've used both in cold and rainy weather with a Gore-tex mountain parka over them.

I also have an REI Elements rain jacket which is similar to a Precip that I can wear as my shell in wet or dry winter weather over my fleece jacket.

The other thing I wear in cold weather is Capilene long underwear, so I have that, plus the fleece, plus the rain jacket, which is good until I stop, then I'll switch to my down jacket for camp and sitting around in below freezing conditions.

A lot of down jackets, like my TNF Nuptse, aren't made to be worn in rain, but I do have a bigger TNF parka that does have a Gore-tex shell. I'd never be wearing it in rain, however, it's designed for way below zero.