(2345)(2354) = (243) (doing composiion in the usual way), so No, it is not a group.
Also All elements have to be products of 2-cycles.
What about {(1,2)(3,4)(5), (1,3)(2,4)(5), (2,3)(4,1)(5), (1)(2)(3)(4)(5)}. Each is its own inverse and the product of any distinct ones is the other. To show its abelian, just write out the products.