Five days notice may not be the cancelation period for a discounted room. Some WDW terms and conditions are requiring 45 days notice to cancel even for a room only rate when the rate is discounted.
This is from a 2008 T&C for room only:
Discounted Offers - In order to receive a full refund of your deposit, notification of cancellation must be received at least 45 days prior to your arrival date. To cancel or modify an existing reservation, call (407) 939-7429.
I checked the disney site today and this language isn't there,
http://adisneyworld.disney.go.com/media/ibc/DisneyWorldIBC/IBC/popups/popup_cro_terms.html, but then it also says: the terms are "are subject to change by Walt Disney Parks and Resorts Online without notice.
Perhaps they have done away with this requirement (thank goodness) but in any event, just make sure you read (or ask about) the cancelation terms at booking especially when booking a discounted room.