The oldest version of VMware Workstation that is officially supported on a Windows 7 Host is 8.0 and on a Windows 7 SP1 Host is 7.1.4. As to whether or not version 5 would install and work I can't say, as I just would no longer use such an old unsupported/unmaintained version. Additionally even if it would install and run properly, which I doubt, nonetheless it will not be able to run the latest OSes as Guests.
How about using the latest version of VMware Player instead?