  We present deep VI photometry of stars in the globular cluster M5 (NGC 5904)
based on images taken with the Hubble Space Telescope. The resulting
color-magnitude diagram reaches below V ~ 27 mag, revealing the upper 2-3
magnitudes of the white dwarf cooling sequence, and main sequence stars eight
magnitudes and more below the turn-off. We fit the main sequence to subdwarfs
of known parallax to obtain a true distance modulus of (m-M)_0 = 14.45 +/- 0.11
mag. A second distance estimate based on fitting the cluster white dwarf
sequence to field white dwarfs with known parallax yielded (m-M)_0 = 14.67 +/-
0.18 mag. We couple our distance estimates with extensive photometry of the
cluster's RR Lyrae variables to provide a calibration of the RR Lyrae absolute
magnitude yielding M_V(RR) = 0.42 +/- 0.10 mag at [Fe/H] = -1.11 dex. We
provide another luminosity calibration in the form of reddening-free Wasenheit
functions. Comparison of our calibrations with predictions based on recent
models combining stellar evolution and pulsation theories shows encouraging
agreement. (Abridged)
