diff --git a/pkgs/development/libraries/speex/default.nix b/pkgs/development/libraries/speex/default.nix
index 93a01a3d2bc..9a1c00e63b9 100644
--- a/pkgs/development/libraries/speex/default.nix
+++ b/pkgs/development/libraries/speex/default.nix
@@ -1,12 +1,32 @@
-{ stdenv, fetchurl, libogg }:
+{ stdenv, fetchurl, autoreconfHook, pkgconfig, fftw, speexdsp }:
 
 stdenv.mkDerivation rec {
-  name = "speex-1.2rc1";
+  name = "speex-1.2rc2";
   
   src = fetchurl {
     url = "http://downloads.us.xiph.org/releases/speex/${name}.tar.gz";
-    sha256 = "19mpkhbz3s08snvndn0h1dk2j139max6b0rr86nnsjmxazf30brl";
+    sha256 = "14g8ph39inkrif749lzjm089g7kwk0hymq1a3i9ch5gz8xr7r8na";
   };
+
+  postPatch = ''
+    sed -i '/AC_CONFIG_MACRO_DIR/i PKG_PROG_PKG_CONFIG' configure.ac
+  '';
   
-  buildInputs = [ libogg ];
+  nativeBuildInputs = [ autoreconfHook pkgconfig ];
+  buildInputs = [ fftw speexdsp ];
+
+  # TODO: Remove this will help with immediate backward compatability
+  propagatedBuildInputs = [ speexdsp ];
+
+  configureFlags = [
+    "--with-fft=gpl-fftw3"
+  ];
+
+  meta = with stdenv.lib; {
+    hompage = http://www.speex.org/;
+    description = "an Open Source/Free Software patent-free audio compression format designed for speech";
+    license = licenses.bsd3;
+    platforms = platforms.unix;
+    maintainers = with maintainers; [ wkennington ];
+  };
 }
diff --git a/pkgs/top-level/all-packages.nix b/pkgs/top-level/all-packages.nix
index cf011ad0561..f51af3890db 100644
--- a/pkgs/top-level/all-packages.nix
+++ b/pkgs/top-level/all-packages.nix
@@ -7600,7 +7600,9 @@ let
 
   speech_tools = callPackage ../development/libraries/speech-tools {};
 
-  speex = callPackage ../development/libraries/speex { };
+  speex = callPackage ../development/libraries/speex {
+    fftw = fftwFloat;
+  };
 
   speexdsp = callPackage ../development/libraries/speexdsp {
     fftw = fftwFloat;