In all honesty, I think it will be a little tough to do for just $5000 - but it depends on what you're including in that budget (travel, dress, rings, etc.). Other than my mother's, I don't plan on paying for anything for my guests, but I will pay for her travel. I plan on having a welcome dinner the night before the wedding at my cost, of course, but no other planned events, and I don't have a bridal party so I won't be paying for any of that either. I have no idea what it will all cost - I am terrible at setting budgets - but we're already well over $5000 and I haven't even thought about the details like decor, flowers, cake, etc.
Here are a couple threads that can help you determine what we're all spending on our DWs.
http://bestdestinationwedding.com/forum/t933
http://bestdestinationwedding.com/forum/t1495