MP5 is short for 'Mana per 5 seconds'.
It is a stat you'll find on gear, much like Strength or Armor. Here's an example.
As you can see, this cloak grant 19 mana per 5 seconds, and as such would be said to have 19 MP5. MP5 is extremely useful for any caster, especially on longer fights such a raid bosses because it ignores the 5 second rule and regenerates your mana regardless of you using spells or not.
In common parlance, people may also say things such as 'I have 125 MP5', meaning their total amount of gear that have the 'mana per 5 seconds' effect total to 125.
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