Dear Joe,

you wrote:
"There is a home game in my area that uses a "wild card" in the game. The people who play the game state that a 5 of a kind now ranks ahead of a straight flush or royal flush. Is this mathematically correct? "

On a frequency basis (of course) it is not mathematically correct -- you know that.... But it is a definition for the game at hand and you must play by the rules of the house (or play someplace else). Years ago, for instance in San Diego CA poker rooms the joker(bug) was used in draw poker games. The house rules was that the joker could be used as a wild card for a straight, a flush, a straight flush and also used as an ACE, But the house rule was that if you had five aces it would lose to a straight flush. It was a rule definition in San Diego. The important thing is to know the house rules when you play in unusual places.

My advice is to try to get a feeling for the effect of four wild cards in a game. It usually takes at least four of a kind and big cards to take down a nice pot. If you don't have at least one wild card -- than get out early. In stud, straight flushes are common with four wild cards. I would not play in a flop game with wild cards.