OK...make it light (1/2 lb. or less), 100% water proof and 100% breathable (no sweating while strenuously hiking in it). I believe i just described an umbrella:
http://www.luxurylite.com/umbrellaindex.html
http://www.backcountrygear.com/catalog/accessdetail.cfm?PRODUCTS__ProductID=GO9010

If they can do what an umbrella can do i'll buy their rain gear wink

BF cool
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Hammockers aren't stuck up, they're just above it all.