  We have searched for gravitational waves from coalescing low mass compact
binary systems with a total mass between 2 and 35 Msun and a minimum component
mass of 1 Msun using data from the first year of the fifth science run (S5) of
the three LIGO detectors, operating at design sensitivity. Depending on mass,
we are sensitive to coalescences as far as 150 Mpc from the Earth. No
gravitational wave signals were observed above the expected background.
Assuming a compact binary objects population with a Gaussian mass distribution
representing binary neutron star systems, black hole-neutron star binary
systems, and binary black hole systems, we calculate the 90%-confidence upper
limit on the rate of coalescences to be 3.9 \times 10^{-2} yr^{-1} L_{10}^{-1},
1.1 \times 10^{-2} yr^{-1} L_{10}^{-1}, and 2.5 \times 10^{-3} yr^{-1}
L_{10}^{-1} respectively, where $L_{10}$ is $10^{10}$ times the blue solar
luminosity. We also set improved upper limits on the rate of compact binary
coalescences per unit blue-light luminosity, as a function of mass.
