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Four (4) letter word from the word PARTY: part. prat. arty. tray. prat. pray. tarp. rapt. paty. Five (5) letter word from the word PARTY: praty. yrapt.
A valve?
peice p e i c e
Daily is a good word for a 5 letter word for everyday.
thumb
Glove.
Tricky question. I don't think there is a word that specifically means "Worn on the hand". There are plenty of five letter word things that are worn on the hand. Like gloves, and rings.
Water
petal?
elbow
anklethigh
piece
diode
If you mean a storage chest, then trunk is a 5-letter word for it. If you mean the upper part of the body, then torso is a 5-letter word for it.
index
third