[drivesalot]

not quite.

A wet suit is a neoprene rubber suit designed to be close fitting but also allowing a thin layer of water to get between the suit and your skin. This water then heats up and helps keep you warm. This is why when you jump in with your wetsuit on you initially get a rush of cold water but then warm up. Wetsuits come in various thicknesses and design ie. full suit, shorty, short leg etc. etc. A well fitted winter suit (thicker neoprene) will keep you pretty warm in cold water.
Drysuits on the other hand are designed to keep all water out and therefore are made of a waterproof material with tightly fitting seals around the wrists, ankles and neck. They also have waterproof zips. You can wear a drysuit over whatever clothes you need to keep warm ie. a tracksuit or purpose made insulating suit. A drysuit will keep you warm and dry in very cold wayer but can be a little restricting.
Hope this clarifies things for you.