Ping time is how long it takes your computer to send a packet to the server and to receive a packet from that server.
5 ms is really fast.
1000 ms is one second, so you can see how fast it is.
Generally speaking, from what I've read recently, you need ping times lower than 100 ms for first person shooters.
For example, if your ping time was 500 ms, that means that there is a half a second delay for your movement or aim data to reach a server and get a response. If the other person you're fighting also has a 500 ms ping time, that means that the two of you have a full second of lag between you.
Of course, your 5 ms ping time was to a server that was close to you determined by speedtest.net, and not to the Wii wifi server. I have no idea what that address is, but your ping time is great.
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