5v always from +5V and GND?
You most certainly can.

But, be sure to take care to shift all your datasheet values correctly. This especially includes absolute maximum ratings. Also have a look at the protection diodes often found around IC pins.

What makes this often very useless (or sometimes very useful) is that the logic levels are also shifted.

This is in particular done with operational amplifiers. There the manufacturer may even be nice enough to specify typical shifted supplies for you.