hi
yes this is straightforward.
Have a look in the following places, and you will find the answers:
- the playground tutorial and hardware sections
- the index of Arduino knowledge
What you a basically want to do for LED's ( the one on that page was an LED display, not an LCD, so I assume you want leds) is use something called "multiplexing. For five seven-segment displays, you would connect all the "A" segments together, and all the "B' segments..etc. Then you connect the common pin on each digit to one Arduino pin. The software then sends the segment info, and turns on the appropriate digit, and then does that for the next digit. It does it very fast, so you don't see them off.
there are Also one-chip solutions that will do the multiplexing for you. Try searching Arduino and MAX7219 or MAX7221 or multiplexing or LEDS, and you should find a whole lot of info 
If you can't find a 5-digit display, just put five single-digit displays side by side.
D