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by Bugs-Bunny on July 9th, 2009
Very simply, it usually means that you do not have to say something that will get yourself in trouble.
So if you were a witness in a trial and were asked by the prosecution "did you steal the car?", you are not legally required to answer the question if the answer will incriminate yourself. You can therefore "take the 5th" and legally refuse to answer the question.
There are other implciations of the 5th ammendment, but that is the jest of it in terms of general speech.
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