i need to drill a five inch hole into a eight inch concrete basement wall with rebar?

If it has to be a neat hole you should get some quotes from a concrete coring company. They can do it neat and clean within an hour. You might also call a tool rental company and see if you can rent a concrete coring tool.

if neat doesn't count since you will be patching try a star drill that you can pound along the edge of a circle marked on the concrete. When you get to rebar, go around it and then come back and use a hacksaw or sawz all on it.

Have you looked to see if the hole could go through above the concrete but below the first floor so that you are drilling only through wood and plaster?

u need to get a boring machine for such a hole. if its in a wall, the machine will have to be bolted to the wall to hold it up, attach a hose to it for lubricating, messy job but the only way as a hammer drill will not do the job because of the thickness [8"] or so , and the diameter of the hole. good luck.

You can rent a heavy duty drill and masonry bit. Just hope and pray you don't hit a rebar rod on the first try.

You can rent a hole borer at some rental centers. Other than that a good star bit and a hammer.

Blasting caps

a mason bit and a rotor hammer will do that no problem.......a roto hammer is like a drill but turns and hammers the bit into the concrete ....

blast caps !