IE 5 predates Microsoft's support for auto margins.
You can hack it by (exploiting a bug in old-IE and) setting text-align: center
on the parent element and then text-align: left
on the element you want centred.
That said, IE5 is very old, completely unsupported by Microsoft and with a market share as close to zero as makes no difference for almost everyone. I wouldn't try supporting it at all.