When is Hitman 5 coming out

Hitman 5 is already out; it was called Hitman: Absolution and was released in 2012

Hitman 6 is scheduled for 2014

The series in order is:

Hitman: Codename 47 (2000)
Hitman 2: Silent Assassin (2002)
Hitman: Contracts (2004)
Hitman: Blood Money (2006)
Hitman: Absolution (2012)
Hitman 6 (work in progress, scheduled for 2014)

There are also two novels:
Hitman: Enemy Within
Hitman: Damnation (prequel book to Absolution)

And a film adaptation:
Hitman (2007)