Burn your critical data to DVD then.
You realize that 5GB was only the minimum, and you know, based on the number of people in the same boat you are, that it would probably be better if it didn't allow just 5GB.
The pdf for Boot Camp Assistant (there is a pdf with option to save to disk or print out) has "Step 1: Backup."
Second idea: no computer should boot w/o a recovery drive or partition.
Third: Mac OS X really doesn't like to get below 10% free space. Not written in stone, but could be.
BootCamp takes free space, but it also has to be UNFRAGMENTED. And it is fragmented now.
You would have to use BC Assistant to
remove the Windows partition. (if you use ERASE you either wipe data but don't get the partition back). Then remove what files you can, and defrag. The best way to defrag is, to clone, reformat, and restore.
http://www.macsales.com/firewire
Also, a larger number of systems with upgraded Leopard, versus fresh install, have trouble with partition tables and resizing or losing a partition.
OS X really needs an emergency boot drive, not just rely on original install DVD or Leopard DVD.