I wear this gaiter frequently when hiking/backpacking. It meets your criteria of lightweight and water resistant:
http://www.campmor.com/outdoor/gear/Product___91261
The low gaiter is very comfortable, and I wear them pheasant hunting with low cut shoes. I wouldn't wear them for deer hunting where noise is an issue.
For deeper snow I use Cabela's fleece "Goretex" gaiters. But they cost more than $40, and aren't nearly as comfortable. They don't breathe all that well.