5/4 time means that there are five quarter beats in a bar. This is not a regular time signature, and is usually more taxing on the ear than more usual time signatures (such as 4/4, 3/4 and 6/8).
The most famous example of a song in 5/4 time is Take Five by Paul Desmond, taken from the Time Out album by The Dave Brubeck Quartet.

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