-- here is the Hochschild chain complex for an algebra A $A$ and bimodule M, $M$, as defined in Hochschild's original papers;
The last one seems to be Reid's underlying point/question. Tyler says you can get it, up to a dimension-shift, from the adjunction between k-modules and k-algebras (at least when A=M). $A=M$). My earlier recollection was that this more naturally leads to cyclic homology a.k.a. additive K-theory as defined by Feigin and Tsygan, but I have yet to check this against a copy of their paper. (The point is that in characteristic zero, the cyclic homology of a free tensor algebra on a given k-module, coincides with the cyclic homology of the ground field, so one can take free resolutions of a given k-algebra $k$-algebra and then use spectral sequence arguments.) On reflecting a bit more, because the Hochschild homology of a free (=tensor) algebra is confined to degrees 0 and 1, perhaps once one can also obtain Hn(A,M) $H_n(A,M)$ as Tyler suggests, by taking the free algebra resolution of A (in the category of k-algebras) and then hitting the resulting simplicial object with a suitable functor - but this seems trickier than in the commutative case (Andre-Quillen) and I can't get hold of a copy of Quillen's paper at the moment.
Alors. As I understand it, following Weibel's book (and the papers of Barr & Beck et al), the simplicial object (in the category of k-modules) $k$-modules) that yields the Hochschild chain complex, arises by applying a certain Hom-functor (namely AHomA(__,X) ${}_A{\rm Hom}_A(\ \cdot\ ,X)$ ) to another simplicial object, say \beta(A), $\beta(A)$, in the category of A-bimodules.$A$-bimodules.
Now \beta(A) $\beta(A)$ is not contractible in the category of A-bimodules, $A$-bimodules, in general, and doesn't come from a (co)monad on that category. However, \beta(A) $\beta(A)$ can be identified with another simplicial object $F(A)$, which lives in the category of A-modules.$A$-modules.
What is F(A)?$F(A)$?
Well, take a step back and consider the adjunction between k-modules $k$-modules and A-modules $A$-modules (maybe you need k $k$ to be a field at this point, maybe not). That gives rise to a bar construction in A-mod, $A$-mod, namely for any given M $M$ in A-mod $A$-mod one obtains a simplicial object F(M) $F(M)$ which is given in each degree byF{-1}(M)=M, Fn(M)
$$ F_{-1}(M)=M\quad,\quad F_n(M) = M \otimes AA^{\otimes n+1} \ otimes (n+1){\rm for }\ n \geq 0. $$
Note that this is contractible in A-mod $A$-mod by the general machinery of the bar resolution associated to a monad. There was nothing to stop us taking M=A, $M=A$, that's a perfectly good A-module; $A$-module; and on doing so, lo and behold, we get the same simplicial object F(A).$F(A)$.
Thus, Hochschild homology, regardless of the choice of coefficients, can be thought of as "coming from" a comonad - namely, that induced on A-mod $A$-mod by the forgetful functor from A-mod $A$-mod to k-mod. $k$-mod. In my opinion, that is probably the (co)monad they are talking about.
It so happens that, since F(A) $F(A)$ is contractible in A-mod $A$-mod and hence a fotiori in k-mod, $k$-mod, the "chain-complex-ification" of \beta(A) $\beta(A)$ is, as a chain complex in R-bimod, $R$-bimod, a resolution of R $R$ by k-relatively $k$-relatively projective R-bimodules $R$-bimodules -- and hence applying RHomR(__,X) ${}_R{\rm Hom}_R(\ \cdot \ ,X)$ to it and taking homology coincides with taking k-relative $k$-relative Tor of R $R$ and X $X$ as R-bimodules. Hence the point of view that Hochschild homology is a special case of relative Tor.
Finally, I actually agree with Reid that this is not the best example to motivate (co)monad (co)homology. Group cohomology with coefficients in the ground field; or indeed Andre-Quillen André-Quillen cohomology, which is given by a "free algebra" adjunction but only for commutative algebras, or sheaf cohomology, would be better. (No originality in my choices; I've cribbed them out of Weibel Section 8.6).

