I have a point shapefile containing elevation values in the id field. The shapefile is overlaying a raster layer of the topographical slope. Is it possible to multiply the elevation value of each point by the respective slope value of the raster cell laying immediately below the point?
You could use the "Arctoolbox > Spatial Analyst Tools > Extraction > Extract Values to Points" to create a new column, in your point featureclass, containing the raster slope values. You would then just create a new column in the point featureclass and populate it by multiplying the elevation and slope columns.