Psychotic, crazy, insane, disturbed, demented, mentally deranged, in other words... off their fucking rocker. May also refer to any psychiatric ward, mental institution, or "looney bin".

Named after the 5th floor of Portsmouth Naval Hospital, (Portsmouth, Virginia) which houses the psychiatric ward and outpatient counselling programs, such as OCIP (Outpatient Crisis Intervention Program, later renamed Outpatient Cognitive Intervention Program). Often run by useless, never-set-sail REMFs (HM2s!).
"Did you hear about Ski?"

"Yeah, he busted his fist open punching the wall and smeared blood all over the place, so they hauled his ass off to Level Five."

"Last I saw he was arguing with that damn stuffed monkey of his; Ski is definitely Level Five."
by Dr Bubbles PhD June 11, 2009
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Me: Whoa that was cool!

Him: Yeah that was totally Level Five!
by gh hero #1 December 21, 2008
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Noun: A classification of "power bottom" you achieve after becoming victorious in gladiatorial combat against your fellow "Real Gays" at least four times.

Qualification:
--last a long time
--devoured the souls of your enemies.
--Collected over 10000 experience points
Conversation:

Hey did you hear June is a power bottom?

No way! What level?
Five, he defeated Ricky last week.

Oh man, level five power bottoms are the best.

Sentence: "June didn't become a level five power bottom until he had successfully sparred all the other gay men in the chat for Sam's love"
by DuckingOut March 24, 2017
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