The League Two leaders trailed by two at half-time and only snatched a point through winger Kevin Betsy in the 71st minute and a scrambled own-goal by Torquay defender Alex Lawless four minutes from time.
The Chairboys found themselves behind as early as the 13th minute, when Torquay's beanpole French midfielder Malike Sako out-jumped goalkeeper Frank Talia to head home a Darren Garner free-kick.
Wycombe made and missed several good chances, most set up by livewire leading scorer Tommy Mooney.
But they went 2-0 down in the 31st minute when Tony Bedeau tucked away an opportunist right-foot shot, set up by Jo Kuffour.
Worse was to follow for Wycombe when 39-year-old ex-England midfielder Rob Lee limped off five minutes before the interval, to be replaced by Joe Burnell.
Charlie Griffin missed two great headed chances, sending the second against the bar early in the second half.
But Wycombe were always sustained by Mooney, and it was he who set up both their goals.
A flick with the outside of his boot put Betsy through to round Torquay goalkeeper Andy Marriott and make it 2-1 in the 71st minute.
And it was Mooney's cross which created the mayhem which led to Lawless' own-goal saver.
Even then Torquay nearly won it in the last minute, but Kuffour fired inches wide from the edge of the area after being played through by Kevin Hill.
The result still boosted Torquay's fight for survival - they are now unbeaten in six games going into Wednesday night's six-pointer at bottom club Stockport.