Correctable Error?
 

Tied ball game with less than 30 seconds remaining, player commits his 5th personal and scorers table fails to notify officials, Home team shoots one and one, makes first and misses second, the player with 5 fouls takes the ball down the court and makes a layup to go up by one, the Home team coach calls timeout. They discuss that the player had 5 fouls... player is taken out of game but the score stayed the same. Is this correct, or could this be a correctable error?

You did the correct thing. Until the referee is notified that it is the 5th foul - they have no way of knowing. Any action that takes place prior to the official being notified stays. The player was a "legal" player until the official has notified the coach and player of the disqualification due to the 5th foul.

it is correct
 

it is correct but unfortunate. It is not a correctable error...but then again the home team should have played a little "d" rather than let the kid score a layup....

Actually, it wasn't just a rebound and down the court for a layup. The ball was moved down the court, passed to the player that made a great move to get the layup... However, while the ball was being passed around, the coach was at the scorer's table and yelling at the officials that the player had 5 fouls before the said player made the basket. The official couldn't or wouldn't stop play until a dead ball.

FIBA mechanics requires the reporting official to wait until the scorer puts up a "personal foul marker" with the player's foul number.

No official should start the play until the marker has been shown.

Isn't it the same for NFHS?

Points count and the player is removed as soon as the ball in is control of the offending team or is dead. See 2-11-11 Note 2.

A brief skim through the rule book doesn't show me anything definitive about whether or not the official "should" stop play to get the player out, but I certainly would, regardless of the score, or the amount of time left in the game.

More to the point, I would have had some clue that so and so was close to fouling out, and I'd have gotten him out before the sitch happened. At least, I'd like to think I would have.

Nope.<i></i>

Well, there's something FIBA does better.;)

I think I've seen something like we do in the NCAA: is it correct?

The official can only stop the game if he knows that something is wrong. You never stop the game because a coach is yelling about something. There has to be a signal from the scorer's table. From the OP it sounds as if the scorer did not signal the officials until after the home coach was granted a time-out.

2-11-11 NOTE 2. The procedure if a player who has committed his/her fifth foul continues to play because the scorer has failed to notify the official is as follows: As soon as the scorer discovers the irregularity, the game horn should be sounded after, or as soon as, the ball is in control of the offending team or is dead. The disqualified player must be removed immediately. Any points which may have been scored while such player was illegally in the game are counted. If other aspects of the error are correctable, the procedure to be followed is included among the duties of the officials.