The wave speed is a factor of the elasticity of the fluid (bulk modulus) and the pipe material (elastic modulus and Poisson's ratio). Providing everything remains elastic and there is no air the speed (celerity) is independent of pressure but is dependent on pipe diameter and wall thickness and pipe shape. The speed in a square section is much less than in a circular section. It is also affected by the type of joint - welded, bell and socket etc. Most text books will give you the basic equation for wave speed.
As noted by Bbird a small percentage of air will reduce the speed and the speed will also become pressure dependent. (0.1% air at 10 bar pressure typically reduces the wave speed by about 30%).
For first approximate calculations for water in pipes you will be n the right order using about 1000 to 1200 m/sec for ductile iron and steel. 800 to 900 m/sec for cast iron, 700 m/sec for GRP and concrete, 200 to 400 m/sec for uPVC.
The maximum water hammer pressure that occurs with instant valve closure can be calculated by the "Joukowasky equation" DH= c x Dv/g (SI units).
DH is the pressure increase, DV is the change in pipe flow velocity, c is the wave speed (celerity), g is gravity acceleration (9.81 m/sec.sec).
The valve closure time is classified as instant if the valve closes in less time then it takes the wave to travel from the valve to the end of the pipe and back again (T = 2 * L/c) . If the valve takes longer to close than time T then the reflected waves will start arriving back at the valve while the valve is still closing and generating positive waves. The result be that the pressure is usually less than calculated by "Joukowasky equation".
(But this is not always the case - it depends on the upstream boundary conditions - in some cases such as where the pipeline is supplied through an automatic pressure regulating valve reflected waves can be positive and in these cases it is possible to generate escalating locked in pressure - and eventual pipe failure).
brian