The best replacement for cubase 5 is nuendo 4.

The best alternatives to cubase 5 are rated as following:
★★★★★  nuendo 4
★★★★★  cubase 6
★★★★  sonar 8
★★★  pro tools 8
★★★  logic 9
★★★  ableton live 8
★★  cubase studio 5
★★  sonar x1
★★  pro tools 9
★  cubase 7 elements
★  fl studio 10
★  logic pro 9
★  sonar x2
★  sonar 8.5
★  pro tools 10
  fl studio 9
  cubase sx
  studio 5
  cubase 5 le
  cubase 5 studio
  logic pro 8
  cubase 4

Your alternative for cubase 5 is not listed? Suggest!
Speaking about cubase 5, one probably shouldn't forget about lexicon lambda.

Other search terms related to cubase 5 and their ratings are:
★★★★★ lexicon lambda
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cubase 5
nuendo 4
cubase 6