If you're saying that it still shows 5.32GB for Applications - yeah, that seems like a lot. But given that just a few apps can be using the majority of this space I don't find it unusual (ex. Google Play Music uses 1.63GB on my phone).
Scroll through the list in Settings -> Application manager -> DOWNLOADED, and you can see how much space each app is using. You should be able to easily identify the biggest offenders.
Edit: the default view is sorted by name; if you press the Menu button and select 'Sort by size' it'll sort them in descending order by size.
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