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The 5-3-2 is a defensive lineup used against teams who are known to have a weakness in the defense center. (Should not be used to start a game unless the opponent has been scouted in advance.) Due to the lack of real outside midfielders offensive plays are likely to develop through the middle.

Here are some details about the positions:

Sweeper (SW) The sweeper has a more freedom in this formation. Able to make runs to the midfield since the defense can get along without him. Should avoid becoming the fourth midfielder however, since the opposing offense can adapt to this change.
Left/Right Backs (LB/RB) Mark the opponent's forwards and are the only real defenders.
Left/Right Defenders (LD/RD) Mark the offensive midfielders, making the game easier for the midfielders. With more advanced teams these players are used to carry the ball up the outside with the midfielders, allowing more effective crossing. (The 5-3-2 isn't ideal for this, though.)
Left/Right Midfielders(LM/RM) Defense prevails when playing with the 5-3-2. Through good communication, the midfield can win a man for the offense, if at least one midfielder does the defensive part of the play.
Centermidfielder (CM) Distribute the ball among the offenders and try to stop or slow down opposing plays before they get to the defensive line.
Forwards (F1/F2) The forward basically have to do all the work for themselves by themselves. That means hustling after every ball and dropping back into midfield on more than one occasion.