Khovanov homology for knots has generated a flurry of activity in the topology community. This paper studies the Khovanov type cohomology for graphs with a special attention to torsion. When the underlying algebra is ℤ[x]/(x²), we determine precisely those graphs whose cohomology contains torsion. For a large class of algebras, we show that torsion often occurs. Our investigation of torsion led to other related general results. Our computation could potentially be used to predict the Khovanov-Rozansky sl(m) homology of knots (in particular (2,n) torus knot). We also predict that our work is connected with Hochschild and Connes cyclic homology of algebras.