Transmute: Living Elements

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. For example, if you use Transmute: Living Elements while in Uldum, you will always receive Volatile Air for your efforts.

Mount Hyjal: Volatile Fire

Vashj'ir: Volatile Water

Deepholm: Volatile Earth

Uldum: Volatile Air

Additionally, alchemists with Transmutation specialization will have a chance to receive bonus Volatile elements when completing this transmute. The bonus will be random, though, regardless of which zone you are in.

Source: http://blue.mmo-champion.com/topic/142034/transmute-living-elements-clarification

i posted this on the truegold comments. but i thought id copy and paste it here. Doesn't have a cooldown Meta gems Cata rare gems Transmute titanium Transmute arcanite bars Transmute primal might Does share a cooldown Truegold Pyrium bar Transmute living elements All Eternal transmutes Vanilla elemental transmutes BC primal transmutes WotLK epic gems Mithril to Truesilver Iron to Gold and i think thats it. so pretty much you can transmute the stuff in the first list all you want. but if you transmute any ONE thing in the second list. you've wasted your cooldown for the day. i

It transmutes into Captain Planet.