CS5 comes with the Camera Raw plug-in built in. It is separate from Lightroom. Lightroom uses the same "engine" as Camera Raw, but it is not the same software. The two will share the Camera Raw "cache", though. You should go to the Preferences for that cache and enlarge it, either in Lightroom or, after you've installed CS5 in the Camera Raw Preferences gotten to via Bridge.
The two programs can operate smoothly side by side, although you need to "share" Raw processes between Lightroom and CS5/Bridge/Camera Raw. In Lightroom you will need to perform a "Write Metadata to File" operation to have LR save a "xmp" file with the editing info so that Bridge and Camera Raw can pick it up. Then, if you do development on a Raw file in Camera Raw, you will perform the reverse -- "Read Metadata from file" -- to incorporate that into Lightroom. If you don't know those operations, search for them in Lightroom Help.
After you install Photoshop, be sure to perform the update utility. For Camera Raw do this using the Bridge/Updates function. This would ensure that Camera Raw matches the Lightroom stuff. Of course, you will hopefully have done this with Lightroom, if not, do it now, and do it with the Photoshop editor as well!