According to Gizmodo, you can upgrade to iOS 5 without an Apple Developer’s Account; but after delving on the web further, it seems the process described on their page doesn’t work. It doesn’t activate your phone, rather turns it into a brick!!
To upgrade your iOS device to iOS 5, you’ll need to register your device UDID with

Apple. If you’ve a friend who’s a registered Apple Developer, you can ask him to add your device UDID through his account; if not, you can pay someone to do it for you. Price goes from around $5 to $10. iMDZL, Activate My UDID, iOS UDID Registrations etc are some websites where you can buy your UDID activation. I can not guarantee their legitimacy however I did mine with iMDZL successfully!!
If you own a Mac, there’s no worry and you can go ahead with the upgradation but if you own a Windows PC, iMDZL FAQs says it is not supported. However, I upgraded mine on a Windows system so as some others, and my iPhone 4 is working fine.
Tools needed
1) iTunes 10.5 Beta & iOS 5 Firmware (Download from here or here)
2) TinyUmbrella (Download) [I needed TinyUmbrella as error 3194 showed up. In some cases, it may not be needed.]