Assuming that everything in general is OK with your S5--Then it sounds like you got the card formated, made bootable, copied DISKBOOT.BIN to the correct location, and set the "write protect" switch to "protected/locked".
I am guessing this, because your camera appears to have "locked up" because it tried to load the DISKBOOT.BIN file...
So, next things to try. Have you checked the Camera's software version number with the empty "ver.req" file created on the SD card and got back a result (from the Wiki link below):
Please note! your camera's firmware version is NOT 1.0.0.0 or 1.0.1.0! It's a number that looks similar to this example: 1.01e. If you get a number like 1.0.1.0, then you did not do it properly. Try again.
FAQ - CHDK WikiNow, the S5IS firmware that is currently supported (this is the AllBest CHDK variant):
Index of /chdk/allbest-s5is-101a-50.zip
allbest-s5is-101b-50.zip
If your camera comes back with ver.req=1.01a and you loaded 1.01b--you need to download the correct version of firmware.
If you can't get the "ver.req" stuff to work, just download the other S5 CHDK firmware version and give it a shot--will not hurt your camera--the worst that will happen is what you see now (camera locks up, usually need to remove the batteries for a couple seconds).
If that does not work, then either you have some other version of firmware that has yet to be ported (and if the CHDK community does not know about it, you can dump your own firmware and place it here for somebody to port that version).
If you have the correct firmware and still have problems--make sure you have copied the DISKBOOT.BIN file over and the the .ZIP file renamed, or some other issue that may have corrupted the DISKBOOT.BIN file...
About all I can think of at the moment. Hope it helps.
-Bill