Once a day, resetting at midnight, alchemists at skill level 485 or above are able to transmute Volatile Life into a random other volatile. A little-known fact not documented in the tooltip is that if you perform this transmute in a specific zone, the result will not be random. For example, doing it in Uldum will always yield Volatile Air.
This transmute, even when performed in a city, is likely the best use of the shared alchemy cooldown. For a lot of realms, none of the other cooldown-linked transmutes (Truegold, Pyrium Bar, and the pre-Cataclysm stuff) are nearly as profitable as the Living Elements transmute, simply because as a general rule, Volatile Life is always among the cheapest of the volatiles. Transmuting it to just about anything is profitable, or at least not a loss. Now that we can force it, it's going to increase drastically in profitability.
Here's the list of locations and what they proc, taken from a blue post about a hotfix:
Transmute-specced alchemists also enjoy the chance of a double proc; however, the additional volatiles are completely random. You can force the primary proc but not the secondary bonus. Based on the fairly low drop rate from the Electrostatic Condenser, air will be the way to go for a while.
World of Warcraft: Cataclysm has destroyed Azeroth as we know it; nothing is the same! In WoW Insider's Guide to Cataclysm, you can find out everything you need to know about WoW's third expansion, from brand new races to revamped quests and zones. Visit our Cataclysm news category for the most recent posts having to do with the Cataclysm expansion.