The Oversuit

Protects you from most of what the cave can throw at you ie water and sharp bits. It should be hardwearing and waterproof or at least water resistant.

Oversuit pic

TSA make a bright yellow PVC oversuit that is both hardwearing and waterproof, unfortunately they're quite expensive (about £90) and you sweat buckets. Most manufacturers (Dragon, Warmbac, Dalesware etc) produce nylon/cordura versions for about £60-80.

The Undersuit

Keeps you warm and dries quickly. Constructed from man-made fibres, there are two types; Fleece and Fibre-pile. Fleece is lighter and dries most quickly whilst Fibre-pile is cheaper and warmer.

Undersuit pic

Depending on conditions it is usually wise to wear a layer close to the skin, such as a thermal of some type.