The Wind Waker
The magic armor is a mystical relic that, when used, surrounds Link in a protective barrier. It has the same effect as a Tingle Shield, only the length you can use it for is based on how much magic you have, rather than a timer. You can still be knocked back and fall into pits, but you will take no damage. It is obtained by completing the first two steps of Zunari's trading quest.
 Twilight Princess
This special armor will also prevent Link from taking damage, however, it will quickly your Rupees instead of magic, at a rate of approximately 3 per second. You will also lose an additional amount of Rupees for every time you are attacked. The Magic Armor is for sale at the shop in Hyrule Castle Town for 200,000 Rupees, but is unattainable due to the fact that Link can only carry a few hundred Rupees at a time. To lower the price, Link must donate Rupees to Malo Mart in Kakariko Village. Once a certain amount has been reached, Malo will be able to buy out their store and sell all of it's goods at affordable prices. You will then be able to purchase the magic armor at the new Malo Mart for 598 Rupees, which should be just under the 600 Rupee carrying limit if you only have the Adult Wallet.
 Related Pages
Related Threadsmagical armor?! / stupid cave.. - last post by @ Nov 1, 2008
magic armor... - last post by @ Jun 16, 2007
Magic Armor help - last post by @ Apr 29, 2007
MAGIC ARMOR - last post by @ Mar 3, 2007
Magic Armor glitch? - last post @ Jan 24, 2007