Remember that a resistor will drop more and more voltage as the load current increases; with the 5 ohm example you mention, you will lose 5V at one amp load or 10V at 2A load etc.
It defeats the object of having a regulated power supply that can deliver a precise voltage.
Not without losses. The closest thing is a PTC which is just a lowish resistor whose resistance exponentially as it gets hotter. Maybe just put in a convenient accessible fast-blow (or slow blow) fuse.
That's the best, simple, option - a "polyswitch" type solid state fuse.
Examples:
http://uk.rs-online.com/web/c/fuses...ses/?applied-dimensions=4294584304,4294584339
The next best option for near "zero loss" would be electromechanical. A big glass reed switch typically operates at around 100 ampere-turns so eg. start with around 35 turns of suitable wire, with plenty spare for adjustments.
eg.
http://docs-emea.rs-online.com/webdocs/1484/0900766b814841ac.pdf
This shows one with an added winding for use as a current sensor, mounted on some perfboard; you need more turns, possibly as two layers, for it to operate at lower current:
http://www.aeroelectric.com/Pictures/Misc/CurrentSense.jpg
You should be able to tweak the turns so the reed switch operates at exactly the current you need; add turns if the operate current is too high, remove turns if too low.
Use the contacts to operate a small relay that latches itself in and also disconnects the PSU output to the load via a second normally-closed contact.
That will give an instant disconnect on overload, reset by turning off or disconnecting the power supply.
If you build it as a separate unit to connect inline with the PSU, just add an on-off switch at the input connection. That will also be your "reset".
(We've used the same reed-switch-with-a-few-turns-of-wire current sensing system as an extra safety sensor in some machine tools as an additional interlock for a magnetic chuck, so the machine cannot start unless the chuck is actually drawing current. They are simple and reliable with near zero loss)