I'm in the same boat. We've been battered wtih 40kt winds and rain the last 3-4 days (my neighborhood was totally flooded this morning...) and I have a metric century scheduled next weekend. Wanted to do at least 50 miles either Sat or Sun....
BUT, many people make this mistake, and bear with me since I have not seen your particular forecast: 100% chance of rain does NOT mean rain 100% of the day. It means that on 100% of the days with the similar meteorlogical (that is prob not spelled right) conditions it will probably rain for some PART of the day. So all may not be lost YET.
Watch the radar for your area, and if you get a break, go for it. Stay close to home - do short (15-20 mile) loops so that if the weather turns on you it won't be so far to get home. And by all means be smart about this.
Starting a ride in the rain just is not worth the risk. Don't ride through big puddles that may have no bottom. Allow plenty of stopping room. And duh. watch out for idiot drivers with cell phones permanently attached to their heads.
Good luck.





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