Lyric discussion by Tronfo 

Cover art for Wearing A Raincoat lyrics by They Might Be Giants

Steve, "wearing a raincoat" is a gerund phrase, which means it's perfectly fine if it's used as a noun. Sort of like "mowing the lawn makes me tired" or some such phrase.

And this song is amazing. It's so crazy and random; the ultimate stream of consciousness, and if I knew more about TMBG, I'd be able to put forth or deny the idea that they were tripping on acid while this song was written.