Yes it does in CS6,
I believe Warp Stabilizer in CS5 is only available in After Effects.
Premiere Pro CS5 does not have a stabilizer on board. .
Either upgrade to CS6 which has the Warp Stabilizer or look for e.g. Mercalli stabilizer plugin or After Effects CS5.
Ann, beat you by 60 seconds
Warp Stabilizer is not available in After Effects CS5 since it appeared in AE CS5.5 only.
There are some options to stabilise a footage in PrPro CS5:
1. with 3-rd party plug-ins like proDAD Mercalli
2. with After Effects via built in AE stabiliser or Mocha