For five minutes, this spell granted the ability to cast spells silently. The caster of vocalize had to touch the recipient to confer this ability on someone else. For the duration of vocalize, the spell-casting creature did not need to speak as part of casting a spell, as long as the casting was finished within the five minute time limit of vocalize. Thus, the recipient could cast spells within the bounds of a silence spell, or when stealth was important, for example. Somatic and material components are not affected by vocalize, only the verbal requirement is deleted from the spell(s) being cast.
No verbal component was necessary to cast this spell, only somatic and a material component in the form of a bell with no clapper.