Is it possible to create a new iteration of the same dropdown?

Is it possible to create a new iteration of the same dropdown if the first one is "used".

ie. If I select an item from the list, can I then recreate the same dropdown list exactly underneath this one that gives the user the ability to select other things from that same list up to say 5 things.

It is possible with basic drop down fields, but it would require to add multiple drop downs and then set conditions to show them as you need. 

What I would suggest you is to try with the Dynamic Dropdowns widget, it will allow you to display an initial drop down and then show the next drop down in cascade based on the selection of the previous one. 

You will find the widget on this link: https://widgets.jotform.com/widget/dynamic_dropdowns 

This guide will help you to add the widget to your form: https://www.jotform.com/help/252-How-to-Add-a-Widget-to-your-Form 

If you have any question, let us know.