Note that if you place php in the c:\php5 director your ScriptAlias line should read
ScriptAlias /php/ "c:/php5/"
This may be obvious to regular Apache users, but I changed all sorts of things around before realizing this was the issue. I thought
Action application/x-httpd-php "/php/php-cgi.exe"
was a path and was changing it to "/php5/php-cgi.exe" which didn't work.