Interpretation of cohomology of small degree:
H1(G,A)H1(G,A) = crossed homomorphisms GtoAGtoA modulo principal ones.
H2(G,A)H2(G,A) = equivalence classes of extensions of G by A.
H3(G,Center(G))H3(G,Center(G)) = obstructions to existence of extensions of G by A.
2.
Transfer and its applications: If GG is finite then
1) Hi(G,M)Hi(G,M) is a torsion group annihilated by multiplication by |G||G|.
2) Embedding of pp-primary component of Hi(G,M)Hi(G,M) into a subgroup of Hi(P,M)Hi(P,M), for any pp-Sylow subgroup PsubsetGPsubsetG.
3.
In general, Brown's book "Cohomology of groups" gives a decent overview of what is good to know.
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