My friend told me I only get 5 seconds to say if I'm going to counter a card in Magic the Gathering, even if I tell him to wait. Is that true?
Your friend made that up. There is nothing in the comprehensive rules about how long a player may retain priority. Once you've got it, you keep it as long as you like until you play a spell/ability or pass.
If you're in an official tournament setting, your opponent can call a judge if he thinks you're intentionally playing slowly. If you're playing at your friend's kitchen table, then anything goes. Of course, the host can always decide to kick you out of his house, so try to play at a reasonable speed.
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Not only is your friend wrong - "time" actually is not relevant to any part of Magic The Gathering. (Except maybe in tournament play when each session of rounds is timed)
And regardless of rules, a friend should never rush a friend, especially if asked nicely to wait.