I want to be able to have a script where a bool is false and every 5 seconds it is true for a frame or 0.01 seconds.
Example:

There are probably many ways to do that, but I can think of a couple that are fairly simple:
Using Start as Coroutine:
#pragma strict
var myBoolean : boolean = false;
function Start () {
while(true)
{
myBoolean = true;
yield WaitForSeconds(.01);
myBoolean = false;
yield WaitForSeconds(5);
}
}
Or in Update with a timer:
#pragma strict
var myBoolean : boolean = false;
private var timer : float = 0;
function Update () {
timer -= Time.deltaTime;
myBoolean = timer <= 0;
if(timer <= 0) timer = 5;
}