It depends on what your connecting to the other side of it. fatkid is right, more ohms = more resistance = less voltage.
"watt" relates to the power capacity the resister can withstand being pulled through it. If you have a .5w resistor and your device is pulling 1w, it will fry the resistor.
I don't remember the math anymore... basic discrete electronics are so far back in my memory that it might as well not be there.
I'll see what I can find that may help. There is a mathmatical way to figure this out.
On second thought, the easiest way would be to find a 5V zener diode. This will automatically drop the input voltage to 5V on the output side. However, your limited by similar current draw issues. If you pull more than it can handle, it will pop.
Radio shack should carry them at varying voltage outputs. They are usually pretty cheap.
Zener's also waste less power. Resistors absorb the voltage and dissapate it as heat, that's where the wattage comes in to play. Zener's are more of a "valve" and are tuned to allow certain levels of voltage through the "valve". So they are less passive than a resistor and cause less heat byproduct.
Here's something that may overeducate you, but give you the info on a zener:
http://www.reuk.co.uk/Zener-Diode-Voltage-Regulator.htm
After looking at that link a bit more closely, it actually has a nifty little calculator to determine the required resistor and zener diode to do what you want. You just need to know the desired output voltage, current draw and input voltage. Then it tells you the wattage requirements for the zener and the wattage/ohm rating of a resistor to do the same thing. It also gives you the schematic to build your voltage regulator.
Hope this helps.