Welcome to the Community - You can sit for the exam but will not become a VCP until you take the VMware vSphere What's New class - check out http://mylearn.vmware.com/mgrReg/plan.cfm?plan=12457&ui=www_cert tp see how you can become a VCP5 -
The VCP 4 exam is still offered and you can take that and become a VCP4 -