This article focuses on semistability and finite time semistability analysis and synthesis of stochastic dynamical systems having a continuum of equilibria. Stochastic semistability is the property whereby the solutions of a stochastic dynamical system almost surely converge to Lyapunov stable in probability equilibrium points determined by the system initial conditions. In this article, we extend the theories of semistability and finite-time semistability for deterministic dynamical systems to develop a rigorous framework for stochastic semistability and stochastic finite-time semistability. Specifically, Lyapunov and converse Lyapunov theorems for stochastic semistability are developed for dynamical systems driven by Markov diffusion processes. These results are then used to develop a general framework for designing semistable consensus protocols for dynamical networks in the face of stochastic communication uncertainty for achieving multiagent coordination tasks in finite time. The proposed controller architectures involve the exchange of generalized charge or energy state information between agents guaranteeing that the closed-loop dynamical network is stochastically semistable to an equipartitioned equilibrium representing a state of almost sure consensus consistent with basic thermodynamic principles.