How `*/5` works
The slash (/) is the step operator. */5 means “every 5th value starting from the first valid value of the field”. For minutes that's 0, 5, 10, 15, 20, 25, 30, 35, 40, 45, 50, 55. The step does not wrap, so the next firing of an hour is at minute 0, not minute 60.
You can apply step syntax to any field. 0 */2 * * * fires at the top of every 2nd hour. 0 0 */7 * * fires at midnight every 7th day-of-month — note this resets at the month boundary, so it's not strictly “every 7 days” (see the every-N-days FAQ).