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The spell say:
Your form transmutes into living ice, granting you several abilities. You gain the cold subtype and damage reduction 5/magic. You are immune to ability score damage, blindness, critical hits, deafness, disease, drowning, electricity, poison, stunning, and all spells or attacks that affect your physiology or respiration, because you have no physiology or respiration while this spell is in effect. You cannot drink (and thus can't use potions) or play wind instruments.
It don't say "you can't speak", but the no breathing part seem to imply that.
So the question is:
You can speak?
The implications of the answer are very important for spellcasters.
As written I would say that the subject of the spell can't speak, use breath weapons and so on, but it is a implied thing.

Gilarius |

Since the spell doesn't explicitly say that the caster is unable to speak, yet has a detailed list of other things, then I'd go the other way and say yes, you can speak fine. If it simply said that you lack any physiology then you would have to interpret it's restrictions yourself, but it has a list already.
Liches and other forms of undead without any physiology can. (Plus, so can Durkula (order of the stick).)

kestral287 |
There's nothing stopping an Elemental from learning Common.
I think you missed the point though.
Speaking and breathing are, by basic Pathfinder rules, not related in any way.
There are creatures who speak but do not breathe, and there are (of course) creatures who breathe but do not speak.
The spell is rather overtly giving you many of the abilities on the Elemental subtype, which are among the creatures explicitly capable of speech without breathing.
How the elementals form words is left to the reader's imagination, but I would assume that "because magic" is the most common answer.