Acoustical properties of water saturated and gassy sediments are observed to be significantly different. The present state of knowledge of the acoustical properties of saturated sediments, gassy water, and gassy sediments is reviewed. The dynamics of bubbles in water and in various solid materials, including sediments, are experimentally examined in a companion paper. Pulsation resonance is exhibited by the bubbles in all materials examined. Predictions of bubble resonance frequency and damping are shown to agree with the measurements. Equations for sound speed and attenuation, based on the model of resonating gas bubbles, are shown to agree with published measurements in gassy sediments. Parameters required for predicting gassy sediment acoustical properties are identified. Ranges of values of these parameters for various sediments are discussed.