Yes, you can. But it can be painful. For instances of this size you want: backup to tape, fast storage, and most importantly, Automatic Storage Management (ASM).
When using ASM: you can run oracle processes in the cloud and not in storage. It is impossible to really use ASM in the cloud, it uses special hardware instructions for fast storage, the virtual machine will interfere and make it too slow.
Running an oracle without ASM for 5 TB + data is not practical.
Important: If you have 5 TB of DATA, you need to CONSTANTly 13 TB of disk space to run an instance of Oracle HA.
At my company, we are running Oracle 15TB in the cloud, but we hired dedicated storage devices. You cannot do this with Amazon. (try mediatemple)
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