Ok, I've had fun checking into this, and here are my suggestions. Carnegiea Gigantea (saguaro) and/or Oreocereus Celsianus or Trollii (old man of the Andes/Peru). Both will get larger than you want, but that will be your children/grandchildren's problem. Both are redilly available as small plants and grow relatively quickly. Cacti are not known for speedy growth, so you are not going to get your 5 foot plant in the next few years unless you pay for a larger plant up front. They will want a LOT of sun. Other plants that will get to the size you want (but may take decades to get there): genus Cereus or and of the ones ending in cereus (Lophocereus, Pachycereus, Stenocereus, ..., just not Echinocereus, as they stay small), several of the Ferocactus (Cylindraceus, Herrerae, and Wislizeni - these are the barrel cacti, and will take a very long time to get even a few feet tall, but your great grandchildren will enjoy them!), Echinopsis Peruvianus, and Harrisia Justbertii.
Miles Anderson, who has written a bunch of books about cacti, has a site with good pics of what small plants of these kinds look like. I get most of my cacti from him. He's also just had his first child and is being very cute about it. Anyway, good luck!
http://www.miles2go.com/index.html