But same process will happen in a single long exposure anyway. Whether you artificially divide it into 5 shot exposures or not is irrelevant.
Also, your theory (if it is true, which I doubt it) only apply to white noise. Under low light condition, the noise could be shot noise (the statistic fluctuation of number of photons hitting the pixel). Shot noise has an 1/f spectrum. You can not add them up to cancle it.