And all of this speculation assumes they are carbon based lifeforms. It's possible life forms exist in merely energy form, etc.
Well, assuming that they're made of matter, carbon is the most likely base for any living thing, purely because of how many bonds it can make to other elements. The other items below it in the periodic table, like silicon, are also possibilities, depending on the gravitational properties of the planet (it would have to have a lesser gravitational pull for organisms based on heavier elements to be able to live). I suppose that you could also make an argument that, say, a nitrogen-based life form would be possible, but it would be very likely to not be capable of being nearly as complicated. Anything further to the right of that is simply not at all likely. I once heard a person speculate that an iodine-based life form was a possibility - no, I would say that it is not, given that iodine can only bond with one single other element and is therefore known as a terminal element.