Hi,
checking from the Duemilanove schematic seems that the voltage regulator used by the arduino is the MC332690-5.0
I searched the web for a datasheet and once found, it says:
800 mA, Adjustable Output, Low Dropout Voltage Regulator
so regarding your question the answer is NO, you cannot draw 5A from the 5V pin (but neither 1A... and anyway after can come the heatsink problems)
hope this helps
C