Answer:
The probability that I pick a magic elf is 6.66%.
Explanation:
Since there are 3 characters (elf, hobbit, or human) and 5 defense tools (magic, sword, shield, slingshot, or umbrella) to pick from, if I randomly choose my character and tool, to determine what is the probability that I'll be a magic elf, the following calculation must be performed: 
 
1/3 x 1/5 = X 
0.3333 x 0.2 = X 
0.0666 = X 
 
0.0666 = 6.66% 
 
Therefore, the probability that I pick a magic elf is 6.66%.