I cannot answer to the influence of viscosity. But the sound speed in water is much more complex than c= (K/rho)^0.5. In fact the mixture of small volume fractions of air causes a dramatic lowering of the sound speed in water by nearly 3 orders of magnitude!
S. W. Kieffer (1977): Sound speed in liquid-gas mixtures: Water-air and water-steam. Journal of Geophysical Research Solid Earth and Planets, 182(20):2895–2904.
If I understand your issue, the speed of sound is largely determined by the content of air bubbles and their size. Do you have any information about this?