A 5 wood usually has a loft of around 18 degrees which is equivilent to many 2 irons. Interestingly Tiger Woods for each tournament either chooses to have his 5 wood in the bag so he can hit the ball higher and get it to stop on the greens or use the 2 iron so he can hit the ball lower and get it running along the fairway. He did this to great effect in the British Opens of 2005 at St. Andrews and 2006 at Hoylake where he took the 2 iron instead of the 5 wood and hit the 2 iron off nearly every tee, rarely touching his driver. He did so because he is known for his erratic driving and because the fairways were so hard he got plenty of run on the ball, he went on to win both these events.
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Usually a 3 iron or two iron. An 18 degree hybrid or a 21 will get you the same usually.
Tiger Woods has a 2 iron and a 5 wood, he uses one or the other for tournaments, he decides which one to use depending on the conditions.
A 7 wood is typically 20 or 21 degrees, this equates to a 3 iron or 3 rescue. But, the shaft on the 7 wood would be longer so would go slightly further.