Wild card hand rank -- survey

[tim.daughters]

The following situation came up in my home game, last night. We were playing a game with wild cards, I don't remember the game, exactly, but for the sake of illustration, we'll say it was 7-stud, low-hole card wild.

At the showdown, player one showed:
Ks, Qs, 9s, 5s, wild

Player two showed:
Ac, Qc, 6c, 5c, wild

At first, we all agreed that player one had the better hand, AKQ95 flush, compared to player two's AKQ65 flush. But, then I brought up the mutant topic (I was a folded hand) that player two could have an AAQ65 flush. Some players argued that you couldn't have two Ac in the same hand, but that was met with the counter argument that five Aces was certainly a legal hand in wild-card games.

The contestants decided to split the pot, and I agreed to look it up today. I checked a couple of books this morning, and came to the conclusion that it can be played either way, depending on the prior agreement of your group.

I decided to solicit opinions from Two-plus-two. For those of you who play wild-card games, can the wild card count as:

1. Any card, even if that card is already in your hand, thus allowing a double- or even triple-ace high flush.

2. Any card, not already in your hand, but it can also be used to make five of a kind.