I have a pair of 5 pound ankle weights that I never use. (2 1/2 each one) If I wear them around the house while I am doing chores and stuff am I actually doing anything or am I wasting my time?

Also, what are some exercised that I can do with them on and what muscles will it target.

i'm actually doing this and have been for some time. I've noticed a difference in my hips and thighs.

Adding weight will force you to use more musclepower so it's probably not wasted time. I have ankleweights myself that I used almost every time I was out walking, weither going to friends or work. The greatest difference I noticed was that I could move my feet a lot faster and my legs felt stronger in general. Another thing I used to do was to have my MP3 player when I was out walking and match my walking pace with the tempo of the music.