The effect of liquid confined in a pipe on elastic waves propagating in the pipe wall was studied theoretically and experimentally. The axisymmetric motion of the wave was modeled with the cylindrical membrane shell theory. The liquid pressure satisfying the axisymmetric wave equation was included in the governing equation as a radial load. The phase speed of the wave propagating in the axial direction was calculated, accounting for the apparent mass of the liquid. Experiments were performed in a pipe equipped with ring-shaped, piezoelectric transducers that were used for transmitting and receiving axisymmetric elastic waves in the pipe wall. The measured wave speeds were compared with the analytical ones. This work demonstrates the feasibility of using pipe waves for the determination of the density and, eventually, the flow rate of the liquid in a pipe.