command not found - can't run anything already on hard drive

I must be unclear on the concept...

I wanted to run lynx under tomsrtbt.   Lynx was
installed on my harddrive via a redhat installation.  
I thought I could just boot with tomsrtbt, mount the
hard drive and execute the lynx that was there.   Is
that possible?

I did something like this (I'm doing this from memory
so what I'm showing below isn't verbatim)

# mkdir /mnt/5
# mount /dev/hda5 /mnt/5
# cd /mnt/5/usr/bin

.....  prove that lynx is there

# ls l*
lynx
# lynx
lynx: command not found
# ./lynx
lynx: command not found

.... getting more desperate now, maybe it's a path
thing...

# PATH=/usr/bin:/usr:/mnt/5/usr/bin
# lynx
lynx: command not found

I tried some other commands too.  What went wrong?

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