When you say that you can't call it a speaker, are you referring to the speaker and making a joke? I don't understand humor a lot of the time.
I'm going to continue to answer your question as if you're asking about the internal speaker going bad. Unfortunately, the speaker is soldered to a thin ribbon cable and is attached to the logic board. If you want to fix or replace it, then you'll have to follow the logic board guide for the 2nd gen or 3rd gen iPod touch, depending on which you have. The speaker is a small square that sits on top of the board. For better pictures of it, look at the teardowns.