Would be my best guess--Unless you're looking for special characters, too:
$seed = str_split('abcdefghijklmnopqrstuvwxyz'
.'ABCDEFGHIJKLMNOPQRSTUVWXYZ'
.'0123456789!@#$%^&*()'); // and any other characters
shuffle($seed); // probably optional since array_is randomized; this may be redundant
$rand = '';
foreach (array_rand($seed, 5) as $k) $rand .= $seed[$k];
Note: incremental means easier to guess; If you're using this as a salt or a verification token, don't. A salt (now) of "WCWyb" means 5 seconds from now it's "WCWyg")
As Archimedix pointed out, this will not guarantee to return a "least possibility of getting duplicated" as the number of combination is low for the given character range. You will either need to increase the number of characters, or allow extra (special) characters in the string. The first solution would be preferable, I think, in your case.
The following should provide the least chance of duplication (you might want to replace mt_rand() with a better random number source e.g. from /dev/*random or from GUIDs):
I believe that using hash functions is an overkill for such a simple task as generating a sequence of random hexadecimal digits. dechex + mt_rand will do the same job, but without unnecessary cryptographic work. str_pad guarantees 5-character length of the output string (if the random number is less than 0x10000).
Duplicate probability depends on mt_rand's reliability. Mersenne Twister is known for high-quality randomness, so it should fit the task well.
PHP's new password_hash() (* >= PHP 5.5) function is doing the job for generation of decently long set of uppercase and lowercase characters and numbers.
Two concat. strings before and after password_hash within $random function are suitable for change.
Paramteres for $random() *($a,$b) are actually substr() parameters. :)
NOTE: this doesn't need to be a function, it can be normal variable as well .. as one nasty singleliner, like this:
I also did not know how to do this until I thought of using PHP array's. And I am pretty sure this is the simplest way of generating a random string or number with array's. The code:
Basically, it fills an array with length 5 with null values and replaces each value with a random symbol from the ascii-range and as the last, it joins them together t a string.
Use the 2nd array_fill parameter to control the length.
It uses the ASCII Table range of 33 to 126 which includes the following characters: