Well, a flat 5V is not a wave -- so it won't show any sort of wavey phenomena like reflection.
Any time-varying signal is, however, a wave. It doesn't have to be alternating current, however -- it could be a wave like v(t) = sin(wt) + 1, which is always greater than or equal to zero. However, your choice of zero potential is arbitrary, so really, it suffices to just consider "any time-varying signal." It also doesn't have to be simple or periodic, because, as Fourier showed us, any arbitrary signal can be decomposed into a sum of pure tones.
The reflection problem often occurs in radio systems. You have a transmitter which has some characteristic output impendance. Depending upon the topology, type of transistors, and so on, your transmitter's amplifier might have a very high or very low output impedance.
You connect your transmitter to an antenna (let's ignore the connecting cables). The antenna, depending upon its design, may have an input impedance very different from the output impedance of the transmitter.
(By the way, the word 'impedance' is used to describe a load which is not simply resistive, but also includes some inductance or capacitance, which are together called 'reactance.' Most engineers choose to represent impedances on the complex plane and use complex arithmetic to work with them.)
If your transmitter and antenna are not 'matched,' some (or even most!) of your transmitter's power will reflect from the antenna, rather than being radiated away into the air. The reflected wave does nothing but heat up your cables and stress your amplifier. As a result, it's important to match your transmitter and antenna. Ham radio operators will often refer to devices called 'matching networks,' which are frequently automatic boxes with variable capacitors or inductors used to match transmitters and antennas. They'll also refer to a number called the Standing Wave Ratio (SWR), which is a measure of how much power is being reflected by antenna.
- Warren