Honestly, you do whatever you want in your game. You're the GM, it's your call, so on, so forth. You could rule that beast spirits crap out nutritious beef jerky. However, your musings on elemental capabilites are likely going to be in the minority.
Let's look at some factors.
1) Atmospheric air consists of several components. Nitrogen gas is in the majority, with a 78% comp rate. Oxygen comes next with a 20.9% comp rate. There are trace components of other elements.
(
http://www.physlink.com/reference/AirComposition.cfm )
Of all the elements available, pretty much any of them can kill you in excess. Nitrogen can do all sorts of nasty things by manifesting itself in your bloodstream. The Bends, and all that. At any rate, an air elemental can certainly pick from a myriad of things to ruin your day. Since there doesn't seem to be any mechanic for suffocation, they likely use the same thing as the toxic rules.
Now, some air spirits at higher level have access to the noxious breath. This is likely your strongest argument point, right here. This produces "A nauseating stench to incapacitate victims". This is treated "like" a toxin attack. It's not specifically claiming that it's an honest-to-God toxin.
However, water elementals do not have any powers as listed to produce toxins. Toxic water spirits, on the other hand, would be a safer bet.
2) Okay, so I'm weird, but as a hobby, I make soap with my father. Water isn't an ingredient in the process, directly. The actual process of making natural soap is basically the combination of sodium hydroxide with animal or vegetable fat. Water, in a pure state, contains neither. And since the idea of summoning an elemental spirit (that _isn't_ toxic) would likely involve summoning an elemental in its purest form?
Outlook not good.
Again. Do what you want. It's just that I don't think most people will agree with you.