League-of-legends – Can two Urgot use their ultimate on each other simultaneously

Okay, from my experiments, it goes:

Armor/MR reductions <--> Percentage Reductions
(They stack multiplicatively, so order is irrelevant)

Flat Reductions

This makes sense, since if flat reduction was the first thing applied, after armor, it may have failed to provide a benefit at all (since, for instance, the difference between 50 * 27% and 48 * 27% is minute at best. 50 and 27% being the base attack damage of Ezreal and the armor of Amumu, my two test characters.)

Shields act as health, and damage done to shields is likewise reduced by armor / magic resist. (Meaning shields on tanks can generally absorb more punishment than shields on squishies)

Boots are a specific case. You can't have more than one movement buff from any kinds of boots at all.

As for other items with UNIQUE passives, as long as you don't have the exact same item, they all stack on top of each other.

Apparently, there are other exceptions as well. From the wiki:

Unique effects that do not cumulate among differents items include Movement Speed effects from boots (only the best effect applies), proc effect of Sheen, Lich Bane and Trinity Force, and the mana gained from Tear of the Goddess, Manamune and Archangel's Staff.