Volatile Water Farming
This guide will show you the best place where I found the most [Volatile Water]. One thing I noticed while farming Volatile Water is that sometimes you farm for 15 minutes and you don't get a single Volatile, this is just bad luck, don't get discouraged.
So, where to farm Volatile Water?
You can get Volatile Water by killing Muddied Water Elementals in Twilight Highlands.
If you have fishing, you can also get Volatile Water by fishing in pools in any nodes in any Cataclysm area.
Alchemists can use [Transmute: Living Elements] to transmute Volatile Life into any other Volatile. Typically, when you use Transmute: Living Elements, you will receive 14-16 random Volatile elements (Volatile Air, Volatile Earth, Volatile Water, or Volatile Fire) in exchange for 15 Volatile Life.
If you use this transmute while in one of the new Cataclysm zones associated with the Elemental Planes, however, the element into which your Volatile Life will transform will be predetermined.
This means, if you use Transmute: Living Elements while in Vashj'ir, you will always receive Volatile Water for your efforts.
Full list of zones: