Well you can rewrite the application code into VB.NET or another .NET language, and I'm not sure what version of Access you have (2.0 probably) you will need to port the data over to the new database format, I'm pretty sure 2007 cannot create anything prior to a 2003 format, I think it can still read from older Access formats though.
If you wanted to know if there is some automated way of converting these applications to a new technology then I would guess there is not, even if you had the source code for your VB5.0 app there are some pretty distinct differences in the way things are coded now. There may be some 3rd party solutions that will get you close, but I doubt they are free.