If $\cos \theta = \frac{1}{3},$ find $\cos 5 \theta.$
By DeMoivre's Theorem,
\begin{align*}
\cos 5 \theta + i \sin 5 \theta &= (\cos \theta + i \sin \theta)^5 \\
&= \cos^5 \theta + 5i \cos^4 \theta \sin \theta - 10 \cos^3 \theta \sin^2 \theta - 10i \cos^2 \theta \sin^3 \theta + 5 \cos \theta \sin^4 \theta + i \sin^5 \theta.
\end{align*}Equating real parts, we get
\[\cos 5 \theta = \cos^5 \theta - 10 \cos^3 \theta \sin^2 \theta + 5 \cos \theta \sin^4 \theta.\]Since $\cos \theta = \frac{1}{3},$ $\sin^2 \theta = 1 - \cos^2 \theta = \frac{8}{9}.$  Therefore,
\begin{align*}
\cos 5 \theta &= \cos^5 \theta - 10 \cos^3 \theta \sin^2 \theta + 5 \cos \theta \sin^4 \theta \\
&= \left( \frac{1}{3} \right)^5 - 10 \left (\frac{1}{3} \right)^3 \cdot \frac{8}{9} + 5 \cdot \frac{1}{3} \cdot \left( \frac{8}{9} \right)^2 \\
&= \boxed{\frac{241}{243}}.
\end{align*}