just searching around at re-waterproofing floatation suits for when the inevitable will happen and i stumbled on this site
[url]http://www.rei.com/rei/learn/noDetail.jsp?URL=%2Frei/learn/camp/outwaterf.jsp#ORIG[/url]
it was this bit that caught my attention
The best way to renew your DWR(durable water repellent) is to launder your waterproof/breathable outerwear according to the care instructions and iron it using a warm steam setting. This will restore the water beading protection on the outer surface as long as the original water-repellent treatment is present.
now i'm not going to put my floatation suit under the iron... but for as for other items of clothing that have waterproofing it might be the trick to restore waterproofing..
if all else fails there is always this
[url]http://www.rei.com/product/47876450.htm[/url]