One event has 5 outcomes and another event has 12 outcomes. what does 5x12 represent?
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The possible outcomes if they both happen at the same time?

Actually, it is the total possible outcomes. Think of it this way:

If you toss a coin, there are two outcomes.
If you roll a dice, there are six outcomes.

What happens if you  do both?

Well, for every time you land on heads, there are six faces for the die that are possible,

same with tails. another six out comes. 

So total possible outcomes =  6 * 2.

Probability of getting a heads AND 3 on the dice? 1/(6*2) 

:-)