We study the spectrum of density fluctuations of fractional Hall fluids in the context of the noncommutative hydrodynamical model of Susskind. We show that, within the weak-field expansion, the leading correction to the noncommutative Chern-Simons Lagrangian (a Maxwell term in the effective action), destroys the incompressibility of the Hall fluid due to strong UV/IR effects at one loop. We speculate on possible relations of this instability with the transition to the Wigner crystal, and conclude that calculations within the weak-field expansion must be carried out with an. explicit ultraviolet. cutoff at the noncommutativity scale. We point out that the noncommutative dipoles exactly match the spatial structure of the Halperin-Kallin quasiexcitons. Therefore, we propose that the noncommutative formalism must describe accurately the spectrum at, very large momenta, provided no weak-field approximations are made. We further conjecture that the noncommutative open Wilson lines are "vertex operators" for the quasiexcitons.