Definitely! But make sure that you find out what you can expect for your 5 bucks. Once again, you get what you pay for... and for 5 bucks you're probably not paying for any reasonable amount of support (yes, things do go wrong), nor is your provider likely to be too concerned about the reliability of your Web site. Expect your site to disappear from the Internet once in a while. Probably quite often. Don't worry though, it will usually come back 'up', but you won't know when that's going to happen, because there's nobody answering the support emails to tell you when the service will be restored.
Think about it this way - you probably spend more than 5 bucks for lunch, and that only lasts for half an hour (although cheaper lunches seem to repeat...) If you want to be assured that your site is going to be there when your visitor wants to see it, spend a few more dollars. It doesn't take that much more either... you can find good reliable hosting providers that will give you peace of mind for about $20 per month. Remember - that's only 4 lunches.
If this is a business site, and you don't want to shell out more than $5 for hosting... your visitors are going to form an impression about your business when they can't find your Web site. I guarantee you that it's not going to be a favorable impression.
Spend the money your business is worth it!
