Arduino ADC question...

[Synth.Net]

DC level shift is quite easy -
http://electronicdesign.com/Content/14978/60257_fig_01.gif

Then you just need to halve the gain (10v p-p down to 5v p-p).

I'd replace the pot with two fixed resistors (go for two 0.1% 1K
resistors in this case), if you have a space ADC input, you could tie
that to the middle of these two resistors also, and you could read
that, to check your "zero volt" point, so if it shifted you would
know.

and yes 5v is fine, modern MCUs will run up to around 5.6v before you
have a problem.
If you use this opamp circuit, as shown, off the 5v rail, you'll never
get more than 5V out of it anyways.

Paul