Thanks a lot for all the suggestions, guys. I really think this is going to help a lot. Kinsjon, that idea about colour coding the drum kit is genius, I can't believe I didn't think of it myself since I play guitar hero so much!
mrchattr, I actually asked the parent to leave last lesson because I thought it was going to make things awkward for the kid. I never thought that the parent would be able to help in that sense, I just brought her back in for the last 5 minutes of the lesson to show her what her son had been working on. When I saw her face light up when he started counting the beats, I just got so excited, I knew I wanted to keep teaching the kid.
So again, thanks for all of your suggestions, but please, keep them coming! Every little bit helps, and I'm sure there are other people on this forum who can use this as a valuable resource to help them out as well!
Hey Groove, I've sent you an email with 5 pdf's of the colour coded practice sheets and the entire Back n Black song for you to use with your 5 year old. Pretty simple to figure out but if you have any questions, email me. Good luck and have fun.