What should I say to a friend I just found, who I haven't talked to for 5 years?

Long time no say! Ask her how she's been. Give her an update on your life. If you are nearby, ask her to lunch, cocktail, dinner, whatever. Old friendships are great to reunite. Whatever you say she will be glad you contacted her. Isn't that the reasion there are Friendster or Myspace websites?

Say whatever is on your mind. Tell her how glad you are that you've found each other again. The conversation will just create itself after that.

Let her know who you are and that you would like to renew your friendship with her. then talk to her like you just talked 5 min ago and just catch up on one another's lives.

say its been a long time and ask how she is and what she has been up tooo and tell her some about yourself and what you have done in the last 5 years

Say hello! Tell her how great it was to stumble across her. Perhaps what you have been up to.

just the usual chatting and then it will start by itself

Hey! How ya been?

hi wassup?

Hey,what have you been up to?

hI HOW HAVE YOU BEEN?