To copy my answer from Space.SE:
Virtually all chemical reactions take place in a liquid or gaseous phase. Uncontained gasses aren't a likely candidate for life, so we're looking for solvents for life-related reactions to take place in.
A good solvent is (a) common, (b) dissolves a wide variety of substances, and (c) is liquid at a wide range of temperatures. Very few liquids meet even two of these criteria, much less all three. The likely solvents for life are water and ammonia, and maybe methane.