The third, and most important, mechanism by which wetsuits work is by interfering with convection. If you had no trapped layer of water between you and the ocean, your body would still warm up the water immediately adjacent to it through conduction, but the warmed water would immediately be swept away and replaced by colder water. Convection is what explains the "wind chill factor" in winter. In high winds, the air immediately adjacent to your body which you heat up through conduction of body heat is immediately swept away from you, and replaced with air that was just as cold as before - it speeds up loss of body heat through conduction (and radiation, but the effect of radiation on this example is de minimus). By trapping the water in a thin layer between your skin and the wetsuit, AND within the open pores in a neoprene wetsuit, the wetsuit interferes with convection so that you retain the benefits of the water which you warmed up to above the level of your surroundings, slowing conduction of heat away from you. Which is why a poorly fitting wetsuit provides so little protection; if it allows water to freely flow between your skin and the wetsuit, the water which you warmed up through body heat is quickly swept away, and you lose most of the benefts of the slower conduction provided by the layer of warmer water.