Code 5 is "AKB error". AKB, or auto kine bias, is a cicuit that monitors the three color guns of the picture tube (red, green and blue) and tries to adjust them for proper color balance. If it can't, the picture is blanked (usually) and the timer/standby light blinks 5 times. When the color drives aren't balanced, you see a color tint in the picture like you're describing.
There might be a problem in the AKB circuit, or the picture tube may just be old enough that the AKB circuit has run out of adjustment range. If the tube is at fault, you should consider replacing the set. A new tube will cost nearly as much as a new 32-inch LCD TV, and you'll need to pay someone to install it and set it up. There are special tools required to perform the convergence which gets the color guns aligned with the face of the tube so they hit the right colors.
If you'd like to try tinkering with the service menu adjustments,
this site explains how to access the menu and gives a list of settings.
