This... nice, young, halfdead woman is Hel from Norse Mythology, daughter of Loki, Queen of the unglorious dead.
Isn't she just cute?
I did this thing because a good friend of mine, ~Weltenhund, asked me to do a little pencil-scrap of her. And well. Here it is.
I also did this... this thing because of my (and my friends) uber-fandom of Runemarks. I'm currently annoying all nine worlds with that book.
Just to explain, the cracked watch she holds in her hand is the Death Watch in Runemarks. She promised her Father, Loki, one hour in the Black Fortess but betrayed him and stole 13 seconds from him - Loki died because of that.
Explains the watch AND the title.