Why would you want to?
The iPhone 3G runs slow as hell on anything higher than 4.0
It takes like 30 seconds to open things up. Imagine 5.0 on it.
It would be unusable.
Really? My wife and I both have 3G iPhones (8GB) on 4.2.1 and they are nowhere near as bad as anyone on here has said. I jailbroke both and unlocked them and they work fine. I just checked different apps and none of them take more than 4-6 seconds to start and load the screen. As a matter of fact, Safari, Mail, and Calendar open immediately. Maybe you have a ton of apps installed and it slows the OS down. I have about 46 including the standard apps that come with it. I even watch streaming videos on the EDGE network...not high quality, but very watchable.
The slowest app that I've noticed is the Camera. And I suspect it's because it loads the photo library in the background before it turns on the camera. It takes around 15 seconds.
I doubt we got so lucky that we somehow purchased the two best 3G iPhones in the world in separate transactions from different sellers on eBay.
Even so, I'm not going to even attempt iOS 5 on my 3G. There's no way it'll run smoothly on it. I might look for a 3Gs or iPhone 4 on eBay.