A method and apparatus for making a lined waterproof footwear product, and footwear product formed therefrom, are provided. A last, having an exterior surface configured to correspond to the size and shape of the interior surface of the footwear product, is covered with a microcellular lining material. An injection mold comprises shells having a pre-determined configuration to mold an upper portion that attaches to the lining during the molding process. In the finished footwear product, the molded upper portion has a molded foot portion that extends around the wear's foot and an upwardly-extending molded portion that covers a part of the lining while leaving another part of the lining uncovered.