Address warmth and water in that order. Under warmth is shelter and fire. Shelter will require a good knife, emergency mylar space blanket, and 30 - 50 ft. of paracord. Fire will require a good knife, cotton balls smeared with petroleum jelly, fire steel, matches in matchsafe, reliable lighter (a bic or any other butane is not reliable in cold weather). Anyone who ever really needed a fire would never trust his life to just one means of making fire in storm conditions with numb fingers. Water will require something to carry it in and a means to purify more. For simplicity my vote goes to a filter bottle. This is the basic kit. If you intend to find your own way home add a map of the area and a compass. If you intend to rely upon others to get you out of a fix add visual and sound signals such as mirror and whistle

Definitely a compass, some water proof matches, a heat blanket maybe, and a few rations of food. If you could a GPS system, but make sure you have at least a bottle of water, and some food. A mirror also helps for signaling, and in emergency fire starting situations.

There are a few good threads on the Survival School Message Board that would be worth a look for some ideas

That can go for more the fire starters as well. I usually have at least 2 knives on me when out. One in my pants pocket and 1 in my pack. I usually have another but always at least 2.

A good set up is
1 mylar space blanket(keeps you warm)
25-50ft of para cord...
1 filter bottle and 1 filter drinking tube, this allows you to carry water in the bottle without having to purify it and the tube allows you drink directly from a stream or even a puddle if you have to....
some waterproof matches,a fire block,magnifying glass,a lighter and a small bottle of hand sanitizer the kind that contains alcohol((it can be used to start a fire with just a spark))...
Enough food for 12 days,this can be done by using emergency food bars each pack has enough for 3 days,and they are about 3in wide 5in long and 1 inch thick,they take up little space and are lighter than MRE's although not as tasty...
1 big rambo style knife strapped to your belt with compass,matches,cutting cord,fishing line,hooks all in the handle...
1 heavy style knife with 8 or 10 inch blade,and 1 large folding pocket knife...all kept in different pockets so will always have a knife...
Another compass either on your wrist or in a pocket..
1 GPS system they are fairly cheap and work virtually anywhere...
1 pack of 3 12ga marine signal flares these go upto 300 feet in the air are bright red and are very light and water proof...
Since you are hunting putting some extra ammo in your pack or in your pockets is a good idea in case you lose your main stash...also the powder in the shells can also be used to start a fire if you have a spark or magnifying glass...
this set up is only 16 items most of which are small and light...you dont want to be weighted down and you dont really want everything in just one bag..