I hate it when that happens. Here's what I do (assuming it's breathable fabric): Get heat tape, iron on hole from inside. Should have at least half inch around rip. Turn waders right side out, apply patch with some adhesive at least one inch around hole, then I also iron on heat tape around edges of patch. This last step might be overkill, but it works pretty well for the long term.
BTW: I really like your quote. Example: All I heard was that it was dead, no action, nada fish at a certain lake. I went anyway and had a great day with plenty of action...extra bonus: having lake to myself cuz "there's no fish"!