Interpreting the cosmological constant as a pressure, whose thermodynamically
conjugate variable is a volume, modifies the first law of black hole
thermodynamics. Properties of the resulting thermodynamic volume are
investigated: the compressibility and the speed of sound of the black hole are
derived in the case of non-positive cosmological constant. The adiabatic
compressibility vanishes for a non-rotating black hole and is maximal in the
extremal case --- comparable with, but still less than, that of a cold neutron
star. A speed of sound vs is associated with the adiabatic compressibility,
which is is equal to c for a non-rotating black hole and decreases as the
angular momentum is increased. An extremal black hole has vs2=0.9c2
when the cosmological constant vanishes, and more generally vs is bounded
below by c/2.Comment: 8 pages, 1 figure, uses revtex4, references added in v