For the love of god, add explicit ins and results to your filters. Otherwise it's like trying to push spaghetti. This is what you're looking to do:
<filter color-interpolation-filters="sRGB" x="-1.0" y="-1.0" width="3.0"
xmlns:xlink="http://www.w3.org/1999/xlink" xlink:type="simple"
xlink:actuate="onLoad" height="3.0"
xlink:show="other" id="blend-square-multiply">
<feImage result="raw photo" x="0" y="0" width="522" height="530"
xlink:href="http://wallpapersus.com/wallpapers/2012/11/Pirates-Of-The-Caribbean-On-Stranger-Tides-05-2048x2048.jpg"/>
<feComposite result="photo clip" in="raw photo" in2="SourceGraphic" operator="in"/>
<feColorMatrix in="SourceGraphic" values="1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 .5 0" type="matrix" result="color-trans"/>
<feBlend mode="multiply" in="photo clip" in2="color-trans"/>
</filter>
Fiddle with some edits to make it clear what I was editing: http://jsfiddle.net/Wu96x/