As we have not found any life on other planets, it is hard to speculate on what it would be made of. The best we could do would be to compare with ourselves, but that it not enough.
Well, as far as we know life requires carbon, but that is not necessarily correct. It is the physical and chemical properties that make carbon ideal for life, but under other circumstances, it might be different. A substance that has similar properties is silicon, for instance.
Oxygen might not be needed as well, since there are bacterial life here on Earth that would die in oxygen rich environment. They get their energy from oxidizing sulfur or iron, I think.
If there is life in the Universe, besides us, they do not have to be complex organisms. They could just as well be unicellular organisms. It just so happens that water is part of the cellular respiration here on earth, but in other environments, who knows?