We're talking cornies right? If the beer is already carbonated, there are no leaks, and it's full you should be fine. They are supposed to dispense around 15-20 cornies.
I forget exact calculations I did some time ago, but (if you don't waste CO2 on leaks and other stuff) carbing and pushing out beer from 5G keg will take about 150-200g of CO2 per keg.
So 5lbs (2.26 kg) should give you 15-18 kegs (carbing and serving) or so.
But quick calculation - 5 Gallons is 20 liters, or about 1 moles of CO2. Which is 46 grams (CO2=14+16*2 in atomic weight).
Say you are serving at 10-14 psi, that means you have to almost double the number (1.8-2 atmosphere pressure). So let's say 80-100g for 5G keg.
Still, it means you should be capable of serving 20-25 kegs without a problem.
(if you used some of the CO2 for carbing up the beer, it takes about 90g of CO2 to carb to 2.5 volumes).
I would agree with the above; however, if I were supplying beer for some soiree and it was crucial to the event that the beer was poured, I think I might have a backup handy.
When I started kegging I bought two 5-pound CO2 tanks right off the bat; I didn't want to risk suddenly being out of gas and needing it for whatever reason.