Yes, Call of Duty 5 will have a ranking system. It is going to be based like the Call of Duty 4 ranking system. Check out the gametrailers.com multilayer interview. They talk some about the ranking and perk system.
http://www.gametrailers.com/player/41046.html
there is no highest level it goes on and on and on and on....
There is no highest
level 70...10th prestige
Call of Duty 4 Modern Warfare: Commander: Level 55 Call of Duty World at War: Commander: Level 65 Call of Duty Modern Warfare 2: Commander: Level 70 Call of Duty Black Ops: Commander: Level 50
andrew jakob lee has made it to the highest level on call of duty balck ops zombies on the level 5 making it to level 198
Beat campain every level and multi by reaching the highest level.
Level 70, Commander
the level is 65 you get m1a1 carabine and flamethrower
Beat campain every level and multi by reaching the highest level.
There is no highest level on nazi zombies the amount of levels you can get to is unlimited
level 14, redemption.
level 1 operation 40.