Creating a working system of Dark Elven makeup is a very individual process. The makeup you use and the way you use it will vary on your skin type and possibly on the season/ weather. So always buy a little of what you think will work best for you, and experiment. My combinations are: ben nye cake or army flat black + lots of charcoal powder. And yes, I have gone swimming in this makeup w/o it coming off!
Step 1. Paint beards and hair.
Step 2. Paint foundation.
Step 3. Glue on ears.
Step 4. Charcoal powder.
Step 5. Eyebrows, eyelashes, and in-character makeup/tattoos.
Step 6. Double-check and touch-up. Back of ears, neck, eyes... friends are good to have.
A wig can be applied any time after the main charcoal powder has been applied.

Foundation

A basic black foundation is not always necessary, but usually makes the process a lot easier, and saves you from the time and expense of multiple layers of charcoal powder. Here's a list of what people usually use:

~ Ben Nye cake makeup. This is water based, and applied with a makeup sponge. There are of course Generic cake makeup's that are cheaper, but usually you get what you pay for. It is thin enough that your skin doesn't even feel like it has paint on it, but thick enough to cover well. The drawback is, anytime you sweat it will rub away very easily. Black lipstick is also nice to have, but not absolutely necessary.
~ Standard creme tube-paint. This is a lot like the cake makeup, only thicker. You will probably end up using more of it over time, and it has the same disadvantage- sweats off. This also rubs away very easily. I try to avoid it.
~ Army camouflage tube-paint, "Flat black". This feels gooey, which I do not like, but covers well, is hard to wipe off, and has a nice believable-skin finish. I find that I am using this kind of paint more and more often. Covers well, and is difficult to wipe off.  I've gone swimming IG with army + charcoal, and none of the makeup came off.
~ Grease paint. Don't do this! You will be miserable, and your skin will look like oiled plastic. This can also cause skin irritation if it is left on too long.
~ Acrylic paint. This is even worse!!! Acrylic paint is not designed to be used on the skin. It will chip and peel away at every opportunity, and instead of looking like an obsidian statue of perfection, you will look like some sort of deranged leper. Eww.  However, if your character has a small mark or tattoo, silver or white acrylic applied over the black makeup can work very well, as does "plaster paint" sold at craft stores.

Charcoal Powder

If you want to look good, then this is essential. You do not need to apply your foundation perfectly, because the charcoal powder will work well. The foundation is there to help the powder stick to your face, and to help with creating even coverage. Charcoal powder will give your skin the realistic tones you need to create a believable character. By it's nature, it also manages to fill in any of those spots around your ears and eyes that you missed. Because trust me, this stuff will get on everything. But it does wash out. I apply it with a makeup poof like what you can buy at any Sally's Beauty Supply, and on days when I am feeling particularly obsessive-compulsive, I also brush on a little bit with a blush brush, which gets rid of any streaks or spots. If you plan on playing your Dark Elf character often, just bite the bullet and buy the larger jar of charcoal powder- it lasts a VERY long time. Some people choose to apply barrier spray or Aquanet hair spray (practically the same) to keep the charcoal powder in place, but for me this has never been necessary. If it gets on your clothing, let some soap soak in before washing and it will come out fine.

Ears

The easiest way to color ears black is to use a sharpie marker. After doing that, I usually just put them in with my charcoal powder, shake a few times, and leave it there. I've also tried using acrylic paint to color them, but it makes them ...crunchy-feeling. It's a good idea to have more than one pair of ears handy, because if you get hit in the head you may lose one. Apply your ears with spirit gum before you add the charcoal powder to your face. Make sure to clean the spirit gum off of your ears now and then with spirit gum remover, otherwise the gum will slowly destroy the ears. Also, if you think it needs it, any non-painted latex appliance can be moisturized/nourished by rubbing in baby oil.  For a more interesting look, you can add piercings or ear cuffs to your latex ears after they have been colored. 

Hair, eyebrows, and beard

The "good stuff" hair white spray link I have is really the only thing I have seen work consistently with all hair colors and types. Normal hair white (a liquid in a jar) can be very hard to apply, and in my experience does not color blond or red hair throughly. Some people use silver halloween hair spray, which can work but needs to be redone more often, and can look dull. Invest in a metal "wig brush" so that you can brush it into your hair without ruining whatever hairstyle you have- works on hair that has already been pulled back.  No matter what brand you use, hair white will flake off, so get used to "dandruff".

Wig care: Wash whenever it looks like it needs it. If it's turning grey, smells like sweat, or has bugs and twigs stuck in it... it's time to wash. Remove any large braids/ styling and gently wash in cool water with wig shampoo. If you have some paint in your hair that just won't come out... gently rub some dish detergent into it, and let the whole wig soak for a while. Allow to dry flat, so that it does not stretch, and only brush it (with a metal wig brush) after it is completly dry. A few companies also sell a spray-on wig conditioner, which really helps with the brushing and styling. If you do not ever brush your wig... within just a few events it will be a mass of hopeless tangles. Do not use heat on your wig. No matter what, after a while you will develop grey areas of the wig that will never be white again.  With care, a good quality wig can withstand rigorous larping for years.

Eyebrows- Apply normal hair white with a small brush. Mehron brand makes a small bottle of hair white that comes with a brush in it, like nailpolish, and I have found that this works well. I always forget to do my eyebrows on friday night...

Beard- Same as above, or you can use the spray-on hair white. It's usually a good idea to whiten the beard BEFORE you apply any black makeup. And cover your costuming with an old towel.


Eyes/Eyelashes- White or silver mascara makes for a really nice effect in the ladies. Also, for everyone, Revlon makes a new creme eyeshadow that holds the charcoal powder on very well, so you don't have as many eyelid-smudges.


Random tips: If your face/head sweats a lot, try wearing a sweat headband. It should stop the sweat from touching your face. Check for regular touch-ups, especially after eating or after a long field battle. I've heard that eyeliner will remain on the lips better than lipstick, but have not tried it yet. Q-tips are very handy for getting charcoal powder into the nooks and crannies around your eyes and ears, or for touching up around spirit-marks.