I got this item from 3.5's Magic of Faerun, then adapted it somewhat.
The caster level is 3rd, and the base price is 1200gp.
The cloak sheds all precipitation down to the knees. Once per day it can become a one man tent. Every day, it provides up to 2 gallons of either sugared hot tea or cool spring water in a 1pint flask in a pocket inside the cloak. As well, you get trail rations for one person each day. You could alter this to instead provide racial trail rations like Elven. Finally, it grants 5 points of cold resistance.
If you pair this cloak up with a cold weather outfit, your PC's will be immune to just about any cold weather!
oh, I forgot. The cloak weighs just one pound.
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gtot some details wrong, sorry. Here's the corrected stats:
Travel Cloak- 5 cold resistance, sheds precipitation to the knees, gray-green color, wandermeal for one each day (you could make it a racial version if it was inherited by a PC), turns into a 1 man tent once per day, a 1 pint flask in a hidden extradimensional pocket that provides up to 2 gallons of fluid each day either sugared hot tea or cool spring water. Weighs 1 pound, costs 1200gp, Craft Wondrous Item, CL 5, endure elements, create food and water, enlarge.