we're the items left in the game for sm's pets? because i know they took spell crit out of the game.

"we are the items"...

I'm quite sure there are no items of the like in the game.

+magic crit is for magic weapons, such as +physical crit is for physical weapons. (e.g. books & orbs)

Just to clarify, it effects damage that comes from the weapons themselves only -- not spells used while holding those weapons.