The cheap solution would be Plasti-Dip, which was designed to coat tool handles. I've used it to coat circuit boards for my bicycle before,. Use multiple thin coats, and reapply after a few years.
The "best" coating is going to be expensive. Conformal coating is relatively effective, but I've never seen it used with the belief that the board would be waterproof. The best results come from multiple thin applications of conformal coat.
There is a treatment called "parylene"...
http://www.parylene.com/index.html
It's amazingly effective, based on some tests I've run, but it's not something you can apply at home.
Encapsulants and potting compounds are typical ways to make a board waterproof. It's more bulky, and not cheap.
The most practical method might be a fairly waterproof housing combined with appropriate application of conformal coat.
Steve K.