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The literal meaning is "Five seconds from seriously losing it." It is generally a word used to describe someone who is 'on edge.' They are at the point just before having a total meltdown.
Person #1: Hey, buddy! I didn't want no goddamn mustard on ma' burger!
Person #2: You need to calm yer ass down.
Person #3: Hit the deck! He's MK5!
Person #1: (Explosion, resulting in the eatery getting leveled)
MK5 by Baal & Peor February 13, 2010
Related Words

mk5 golf diesel

a car driven by people that want a slow rusty disappointing yet very reliable car, usually driven by balding middle aged men who claim the great diesel mileage is well worth the lack luster looks
god damn look how rusty that mk5 golf diesel is ian, its simply terrible
mk5 golf diesel by Ell_23 March 10, 2020

Hailstorm Mk5

The PAYDAY 2 Dozer Delete button
Jesus, the Alt fire on the Hailstorm Mk5 is insane! It annihilates Dozers so fast!
Hailstorm Mk5 by Ronin is the best November 8, 2022
Mk56 is a common name for a Tsundere. Those nicknamed or named Mk56 are apart of the Mk series. They tend to differ between each model number however, 56 has survived the longest so far.
Hey! There's the Tsundere Mk56!
Mk56 by Zeebot24 January 23, 2021
LVI:
There may have been more Mks in the business, but there's a reason Mk56 is the last one left.

Part of DNE Productions
I'm Mk56. Suuup. Best at being me, and you'd best believe I aint nothing but.
Mk56 by DNE Productions January 23, 2021
the straightest most not pansexual not aroace guy ever he said so himself
mk5656: “hey guys im mk5656 and im straight and not aroace frfr i love females on gang
mk5656 by MAmAMAMAMAMAMAMAAMFFFFFFFF December 10, 2023