Several nub questions.

[MiRai]

1. I have been told that it is possible to box 5 toons on one system if the system is uber enough. Is this true and if so what kind of specifications should I be looking for when building my pc? cpu speed/ram/motherboard/vidcard etc. Please feel free to to dumb it down to the easiest possible layman's terms.

Any modern day mid-range system can handle five game clients. The higher the video settings you want to run the more powerful of a machine you're going to need.

2. If I use a hardware style multiplexer along with my multiplexer software would it be possible to attach a couple of extra modified gaming keyboards just to use for heals/ranged when i'm mixing classes in my groups and if so how hard would the scripting be to get them to work properly with my multiplexer software so that there was no crossover?

You're going to be hard-pressed to find anyone around here that still uses hardware to multibox (outside of the standard computer equipment).

3. I have an account with 4 90s and 7 toons over 60. What are some thought's on the best way to use RaFs for the 4 new accounts that I'm opening along with the 5 free 90 boosts that I'll get from presale WoDs w/o wasting any of it?

The video that JackBurton linked covers some different methods of recruiting, but is mostly out of date beyond that.

4. When making toons of the same class is it best to stick to the same race or mix them up for racials? If it is strictly a matter of a opinion what are the pros/cons?

I suggest learning the basics of multiboxing before you begin attempting to min-max your setup through racials -- Especially when many of them are still up in the air with the new expansion on the horizon. Also, if you choose different races you're likely going to be running all of them to the same starting area where they may or may not all be able to receive the same quests (this is dependent on starting area).

5. I'm sure that this is completely debatable, but what are some opinions on the best way to practice boxing so that I don't go into groups all newb and ruin other peoples game experience?

Create characters, login, and multibox. I know that's a pretty general statement, but there's no better way to learn than to just do it.