I'm sure you can add more then 5 devices to your itunes account. I have 11 different devices all using the same account (iphones, ipod touch, ipod nano, apple tv, ipad). What you're thinking of is that itunes account can be used on 5 different computers.
Yes you can log into another itunes account on the device and install the app but once you sync the phone on a computer, it will delete all apps that is not registered to the logged in itunes account on the computer.
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