Those are some dedicated bike riders. I'm supposed to start a bike riding regimen but backed out this week because the temp was 33 degrees in the morning.

33 isn't too bad. Assuming you don't have all the bike gear, try:

Bottom: Jeans, or long bike pants.
Top: T-shirt, long-sleeve t-shirt, sweat shirt & light windbreaker. Substituting a turtleneck for the long-sleeve t-shirt keeps your neck warm.
Other: Light gloves or full-fingered cycling gloves, plus a hat or pull up the hood from your sweatshirt under your helmet.

the mister and I both chickened out these past 2 days because it was in the negative teens F.

a friend from Denver posted pics on his facebook feed of him bike commuting despite the weather and it made us feel like wimps because he has worse traffic and a longer commute.

It's not so much the cold in my case, or rather, not JUST the cold, it's the ungodly ice. I took the studded bike out on Monday to see if it'd be a go, and busted my arse just trying to get down the driveway. An hour of freezing drizzle had done its worst and even the studs wouldn't hold.

The Salvagetti Bicycles website in Denver recently posted a blog about dealing with winter riding conditions. The comments after the article (not mine, mine is just saying the same thing as in here) are full of good tips and info. One of my favorite comments was "if you have anything but cotton, wear anything but cotton. You will sweat, and it will get wet, and it will suck!" Truly, worth repeating.

When I had to commute in sub zero temps (yes I am spoiled these days because we carpool) I wore lots of wool and polypro layers. Ski gear works best, far better than cycling gear in my experience.

Ski gear, especially ski gloves and pants, tends to be seam sealed and waterproof, and is usually rated to below-zero-F temps. Bike gear rarely does this because the industry can't afford to cater to the fringe margin of percent who ride in temps below 32° I know this because I worked in the industry. They get more ROI on making stuff "breathable", which means, it lets cold air in.

Ski goggles and a heavy balaclava, or better yet, a fullface helmet (and yes, some of my MTB buds do use theirs), are your 2 best weapons against frostbite when the temps drop to or below 15°F.

32°F is a not-unexpected temperature for 3/4ths of the year commuting in this region, especially when you leave for work between 6 and 7AM. Hell my team frequently goes out on road group rides in temps equal to / lower than that, as long as the roads are dry.

Yeah, the ice has us pretty much shut down here, too. The scary part, even driving, is that it is so inconsistent- a mile or two of clear roads, then an inch of ice for a few hundred yards. Freeways just make me shudder, and not just from the cold. They've down their best to clear them, and they are pretty clear, and just when you start to get confident and speed up, ICY BRIDGE! :O