A breathable waterproof stretchable multi-layer foam construct includes a stretchable closed-cell foam layer having a first face and a second face. A plurality of vents are dispersed across the foam layer, with each vent extending through the foam layer from a first end at the first face to a second end at the second face. A first breathable waterproof stretchable fabric laminate is bonded by adhesive to the foam layer and covering the first end of each vent at the first face. A second breathable waterproof stretchable fabric laminate is bonded by adhesive to the foam layer and covering the second end of each vent at the second face. The breathable waterproof stretchable multi-layer foam construct can be used to fabricate such articles as floatation-assist devices, sports apparel and water immersion suits.