I would probably take the cash. I'd love to be able to able to give something to my parents-- 5k would pay for a tempurpedic and a bedroom set, or hardwood floors, or part of a kitchen-- they could save it or use part of it on a trip (my dad hates to travel, so it would have to be a short or camping-centered one) . I'd also like to buy my mother a ring to beef up her wedding set after 25 years.
If I had to save it or spend it on myself, 5k in the bank saved towards going back to school would be great. Part spent on some new camera equipment would be amazing-- my family suggested that they purchase it for me since we "skipped" celebrating or giving gifts for Christmas and birthdays for years and all 3 of my graduations, but it's expensive and I always feel like I owe them too much already. I'd also consider picking up a small SUV like my first car as a daily driver (mine got close to 30 mpg, believe it or not!) and to take on all the local "adventures". I might use some of it to buy a plane ticket to visit a friend who lives in Hawaii and has offered to take me around (she's a dive instructor) but I never have the money to justify a ticket. I might travel to some of the places I'd like to visit elsewhere in the US, too-- and maybe visit two more of my closest friends that I haven't seen in a couple of years. Maybe I'd have the money to take some more art classes or buy some studio time. Obviously those are just ideas-- but doing just one or two of those things would be pretty great.
Alternatively, I think I'd go with the 2-day makeover. It would be hard though, since boots and coats can be hard to keep under 200 dollars- but I wouldn't worry too much about the 2 days since I'd have help. 5k would definitely be enough to try out premium denim, buy some jackets and have them tailored, pick up a couple of bags, replenish my tops/sweaters, spend on a real trench/nice rain jacket, and nice winter jacket, and support my $100 shoe habit-- I probably could even afford to invest a bit in a nicer watch and replenish my gear-- especially my hiking and travel clothes.
Honestly, I can't imagine owning something that cost more than $1000 dollars, probably not even a wedding ring (which is funny since I'd eagerly shell the money out on a vehicle, camera, trip, or kiln). I do love nice things and would like to be able to afford the little luxuries and quality-- that said, a 150-300 dollar pair of leather boots that I'll wear for the next 10 years and real shearling slippers and smartwool socks qualify in my mind. I'd rather have money to spend on people and food, and on going for rides and adventures and weekend trips, getting to travel once in a while, on education, and having a nice place to live and explore hobbies, ect.