1.) If I reveal an Ancestral Vision off a Prophetic Flamespeaker, can I cast it for free? I only ask because Ancestral Vision specifically says "rather than play this card from your hand". If I can't cast it for free, what happens, is it simply exiled or can I Suspend it?
You may not cast Ancestral Vision because it does not have a mana cost and spells without a mana cost cannot be cast like normal spells. Prophetic Flamespeaker requires you to pay all of the appropriate costs in order to play the spell, as opposed to Mind's Desire and Shardless Agent which explicitly state that you can cast these spells without paying their mana costs. You also cannot suspend it because the card must be in your hand, according to the text that you posted. The card will simply remain exiled and uncastable.
[quote author=serracollector link=topic=46558.msg647397#msg647397 date=1405108909
2.) Since Flamespeaker has first strike, after it hits once, after I reveal the card, if it is an instant, can I cast it, or do other responses, before the 2nd damage, and 2 revealed card? (lets use brainstorm for example, could I hit with first strike, reveal brainstorm, cast brainstorm, restack my top card, then hit the 2nd time with flamespeaker, and reveal and cast whatever card I just put on top with brainstorm?)
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Yes, this is a legal play.