Guys, is this true i can be in 5 guilds in one time? and this will be possible on Friday or after launch ?

you can in the Beta and yes after launch. you will have to reenlist after launch though; as everything will be wiped clean for the start up.

I can barely keep up with one /gchat let alone multiples lol

Yes you can join 5 player-made guilds.

Myself, I don't plan on joining more than one.

I'm assuming they're doing it the same way Guild Wars 2 does it, and you have to choose one guild to rep at a time.

Of course I could be wrong...