Caseydilla,
What, I thought you were ready to burn your shorts? LOL
I wear the shirt that is the most lightweight material. That way even though you get soaking wet, your shirt won't absorb as much water as a thicker shirt would.
Shorts, socks, shoes are the same. I'd prefer a hat vs. a visor. If you have a lightweight rain jacket, then wear it. Some people will spray Scotchguard Repellant on their shoes, but eventually you have soaked feet anyways.
If you get wet, then remember to wring out your shirt every few blocks as you are running. Simply squeeze on both sides, and you'll loose a few ounces each time.
If it's raining at the start of the race, wear a great big garbage bag with just a hole cut in the bottom, where your head can poke through. The bag will insulate you from the cold. You can poke holes for your arms. And once you get up to speed you can either dump the bag, or take it off and stuff it into a waistpack. That way you have it should it start raining again. (That happened to us in 2007 during the Honolulu Marathon.)
The biggest piece of advice is to Bodyglide and Vaseline your feet liberally before putting your socks on. This will prevent blisters.
Be careful on slick roads, especially if there are those metal contruction plates, or diamond plate utility covers, both are very easy to slip on. Beware of small puddles, that can be hiding bigger potholes.
Run slower, and more attentive to obstacles in the road. Just don't get hurt!