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Basically it should work to run older VMs in WS9. However when you say you got a snapshot, I'm not sure whether you have all required files!? Snapshots in VMware products are used as chains, and you won't be able to run a VM from a single chain link.
Which files did you get?
Assuming that you have a working virtual machine with all the files along with the snapshot, it should work fine in Workstation 9.
There are few points which you should note.
1. You might want to consider upgrading the hardware version to version 9 in Workstation 9.
2. After upgrading hardware version, of the VM, if you revert the snapshot, the VM will return back to hardware version used in Workstation 5 along with any changes you have made.
If the snapshot is the starting point at which you will work on the VM then I would suggest is to open the VM in Workstation 9 and conslidate the snapshot. Upgrade the virtual machine to the recent hardware version and update the vmware tools. Create a new snapshot in Workstation 9.
If the snapshot is not the strating point and if there are changes made in the VM after the creation of the snapshot then you can continue using the virtual machine normally. However a hardware version update and vmware tools update would be recommended.
Few articles which might be helpful: