[BruceZ]

i figure that my hand will be good if i hit my 5 on the turn. odds against hitting the 5 are around 5.25:1, i have sufficient pot odds, so i call 1 bet on the flop.

Your odds of hitting the 5 on the turn are 4/47 = 10.75:1, not 5.25:1. You can call with less than 11 bets in the pot if you think you will win additional bets when you hit, and you don't think there is a big chance of being outdrawn. 8-1 pot odds is a rule of thumb if you are drawing to the nuts, but it really depends on your opponents and what you think they hold. Notice that you are not drawing to the nuts, and an 8,9, or T could give someone a bigger straight. Your odds of making the straight by the river are 5.1-1, but you will have to call at least 3 small bets to see the river, so you would have to win at least 16 bets when you hit to make it correct to go to the river. Gutshots normally must be folded on the turn when they don't hit if you don't have anything else, unless your bluffing or semi-bluffing.