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In the present paper we determine for each parallelizable smooth compact manifold $M$ the second cohomology spaces of the Lie algebra ${𝒱}_M$ of smooth vector fields on $M$ with values in the module $\overline{\Omega }{}_M^p={\Omega }_M^p/d{\Omega }_M^{p-1}$. The case of $p=1$ is of particular interest since the gauge algebra of functions on $M$ with values in a finite-dimensional simple Lie algebra has the universal central extension with center ${\overline{\Omega }}_M^1$, generalizing affine Kac-Moody algebras. The second cohomology $H^2({𝒱}_M,{\overline{\Omega }}_M^1)$ classifies twists of the semidirect product of ${𝒱}_M$ with the...