Magical Crawdad
From Whispering Reef Salvage. Only magical wishes make magical crawdads. If you wish for a fish, fish for a wish. Aquatic type. Here's the process to get the pet : Go to Shattrath, then head southeast to one of the lakes in Terokkar Forest to fish for *.
The Magical Crawdad is a rare companion pet obtained by using the charges on 
Mr. Pinchy, a rare fish caught from Highland Mixed Schools in Terokkar Forest, which has roughly a 1-in-500 drop rate per cast.
Guide awaiting review
Fish Highland Mixed Schools
Head to one of the three fly-to-only lakes in Terokkar Forest: Lake Jorune (3 schools), Lake Ere'Noru (4 schools), or Blackwind Lake near Skettis (10 schools). There are 17 Highland Mixed Schools total across these lakes, and Mr. Pinchy has approximately a 0.2% drop rate — roughly 1 in every 500 successful casts.
Use Mr. Pinchy's Charges
Mr. Pinchy has 3 charges (wishes), and each charge has a roughly 1-in-5 chance of granting the 
Magical Crawdad Box. This gives each individual Mr. Pinchy approximately a 48.8% chance of yielding the pet across all three wishes. A verified catch occurred at 67.82, 79.71 in Terokkar Forest, where the Magical Crawdad Box came from the very first Mr. Pinchy obtained.
Open the Crawdad Box
If one of Mr. Pinchy's wishes produces the Magical Crawdad Box, open it to receive the Magical Crawdad pet, which features a swim animation and a skittering sound when moving over water.
Tips
Fishing gear such as the hat, boots, or special fishing pole is not required to catch Mr. Pinchy — it only prevents the 'Your fish got away' message and does not affect the drop rate.
The Gambler's Fallacy applies here: each individual charge remains a 1-in-5 chance regardless of previous results. See the video guide for additional reference.
