Joakes read this regarding application
Much the same prep/application to C4 really. make sure the rim is as clean as possible, with no polishing oils, any other previous coatings/waxes on at all. dab onto the cotton applicator pad and spread evenly and thinly over the surface. do in small sections and buff after 30 seconds or so.
curing time similar to C4 - proper curing time is temperature and humidity dependant. if possible, allow 4-6 hours before getting wet. though getting it wet shortly after shouldn't matter tooooo much, it is better to just leave it (preferrably overnight)
as with C4, the cloth you use to remove the excess C5 residue on your wheels will cure in the cloth and form crystals, the cloth will need to washed very quickly afterwards to stop the cloth being useless in future for buffing paintwork as it will scratch the surface.
Hope this helps