解$: (1)$答案不唯一,如$x^2,$$×5,$$-1$
$ (2)$当$x=\frac {1}{5}$时,
$ 5×(\frac {1}{5})^2-1=5×\frac {1}{25}-1=\frac {1}{5}-1=-\frac {4}{5},$
所以输出的值为$-\frac {4}{5}。$
$ $当$x=\frac {1}{2}$时,
$ 5×(\frac {1}{2})^2-1=5×\frac {1}{4}-1=\frac {5}{4}-1=\frac {1}{4},$
所以输出的值为$\frac {1}{4}$