The Canon S110 is supported by Camera Raw 7.3 or later
http://helpx.adobe.com/creative-suite/kb/camera-raw-plug-supported-cam eras.html
Camera Raw 7+ is only compatible with Photoshop CS6 and later. Won't work in CS5.
http://helpx.adobe.com/x-productkb/global/camera-raw-compatible-applic ations.html
Your choices:
- Upgrade to Photoshop CS6
- Join the Adobe Cloud and pay the monthly fee
- Convert the Raw S110 files to DNG using the free DNG converter then edit the DNGs in CS5
http://www.adobe.com/products/photoshop/extend.displayTab2.html
http://www.adobe.com/support/downloads/product.jsp?platform=Macintosh& product=106