This is one of those things that seems like it should be obvious, but isn't stated anywhere in the rules, so far as I can find. Can amphibious creatures (read; things that can breath underwater) speak underwater?
If so, how? Can they only speak Aquan, a language literally created on a plane where there is only water, or are any languages viable? Would it work like dolphin speech, or is it like Drow Hand Sign, and doesn't actually use verbal components?
If there actually Are rules about this, stated in the Pathfinder books, please say which book and what page number. If it's something mentioned in fluff or a novel, please give the name of the book.
Best Answer
As noted by DoStuffZ, sound travels faster in water than air. The problem with underwater speaking is that we (human airbreather) need to exhale oxygen to speak, which forms bubbles and alter the sound. If you hum, you'll be heard quite well, so you can try to communicate this way.
I never heard of any official description of D&D / Pathfinder languages, so feel free to houserule that aquan is indeed a way of speaking clearly underwater even for non-amphibious creatures (by humming or very short syllables that wouldn't be altered too much by bubbling).
If you're looking about rules, note than D&D3.5 aquatic elves live underwater and do not speak aquan. Aquatic druid doesn't gain aquan either.
This link to Paizo forums also make a couple of points :
and
This would means that speaking (and even casting spells with verbal component, though it says nothing about spell with language subtype) isn't a problem as long as you can breathe.