Uldum is the best place to farm Sharptooh. The best way to fish is just pick a spot where you wont aggro any mobs, put on a lure and fish away. The lure I like to use is Aquadynamic Fish Attractor. When I fish I like to do research on my second computer and listen to some music on my Droid X. I will also fish to break the monotony of mining Elementium and Pyrite from Uldum.
In a one hour farm you should be able to get 2-4 stacks of Sharptooth. During this one hour farm you should also get about 10 volatile water, 1-2 stacks of Lavascale Catfish, 1-2 stacks of Blackbelly Mudfish. Wow Fishing is a great way to make some extra gold from the auction house.