AMD is almost out of cash, actually, having burned up much of it buying off GF, paying for Seamicro, etc. AMD's debt towers over its paltry supply of cash.
The $5 billion number represents AMD's accounting value of its assets. That includes intangibles where AMD makes up the value like "goodwill".
AMD's fair market value is about half of its present market cap, on a price-equity ratio basis when compared to peers, though honestly there are no peers in such dire straits as AMD, so you could argue that AMD should be valued at a discount off of peers.