Is there an IDE to open a legacy Delphi 5 project?
The Delphi XE seems doesn't support delphi 5.
It'll open the D5 *.dpr and create an .dproj file (besides other files) to configure the default environment. If you have reports, probably you need to acquire an QuickReport user license, the last version that came with it was Delphi 7. And after that - the Unicode conversion (which can very difficult or very easy, depending of the codebase).