This is a cool product. It's NeverWet, a two step spray that makes a surface water repellent. I ordered mine for around $20 through Home Depot a couple of weeks ago, and it isn't on store shelves yet, but maybe it will be soon.
It's a two step process. Spray on a layer from can #1, let it dry for half an hour, then spray on a layer from can #2. Let that dry for a half hour and it really does repel water. Watch a cool video the inventors made at this Youtube link. One caution. They spray the stuff on things in the video, and it appears as if they may be indoors while they are doing it. Don't do that, take it outside!
The video shows how to waterproof an iPhone, however do that at your own risk as the official directions say "NeverWet should not be used on electronics." At least one skeptic tried it but did it wrong. The inventor explains that to get the desired results one must carefully follow the procedure described in the aforementioned video.
My own experiments to make a waterproof container had mixed results. First was a paper bag. While the spray made the inside water repellent, it didn't seal the seams.
The next experiment was with empty cardboard oatmeal containers. An untreated container filled with water was bone dry after fewer then twelve hours. I put silicone on the seams of the test container before treating it with NeverWet.
It's supposed to make clothes waterproof, and the video provides a good demonstration of that. But we don't know what exposure to the skin would do long term, so I personally wouldn't want to wear clothes that have been treated with the stuff when there are clothes on the store shelves that are made specifically for rain protection.
But never mind all that. It's still a very cool product. Watch the video again. You'll see.