A female that has sex for $5. During the crack epidemic women addicts would sell sex for as little as $5, hence the name $5 dollar hoe(whore). Later the term was use for any female that has sex for little money or cheap gifts.
Keisha slept with Tyrone for a fake Gucci bag and Leon for a $60. Shes acting like a $5 dollar hoe.
Used in reference to the milkshake in Pulp Fiction purchased by Mrs. Mia Wallace, for something that's more expensive than its worth; even if its pretty damn decent.
"I don't know if that shake's worth five dollars but it's pretty damn good." - Vincent Vega.
"Holy shit dude, eight bucks for ice cream? What a 5 Dollar Shake."