You should probably use String.hashCode().
If you really want to implement hashCode yourself:
Do not be tempted to exclude
significant parts of an object from
the hash code computation to improve
performance -- Joshua Bloch, Effective Java
Using only the first five characters is a bad idea. Think about hierarchical names, such as URLs: they will all have the same hash code (because they all start with "http://", which means that they are stored under the same bucket in a hash map, exhibiting terrible performance.
Here's a war story paraphrased on the String hashCode from "Effective Java":
The String hash function implemented
in all releases prior to 1.2 examined
at most sixteen characters, evenly
spaced throughout the string, starting
with the first character. For large
collections of hierarchical names,
such as URLs, this hash function
displayed terrible behavior.