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Yes - the President-Elect officially becomes President at 12 PM EST January 20th, whether or not he has taken the Oath of Office. So Barack Obama was officially the President at noon, a full five minutes before he took the Oath.

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Why was vp biden president for 5 minutes?

Joe Biden has never been president, not for one second. At the time he was sworn in as Vice President, Dick Cheney ceased to be Vice President, but Bush was still President. Of course that only matters if you take into account the time of oath-taking. The law does not. The time of oath taking is unrelated to the time of accepting office. According to the constitution, at the stroke of 12:00, Obama became president, oath or no oath.