I've been going through this a lot recently because I'm working on a project where I'm forced to use a Java 1.4 VM. (No, I'm not kidding. I wish I were.) I recently was able to find a relatively new vintage of
Mockito that's separately maintained as JDK 1.4 compatible by a volunteer (bless him!) If you can't find something like that for your third party jar, and recompiling it from the source yourself (as Bill suggested) isn't working out, then you might have to try getting an earlier version of it and hope your project is not using the new features.
Another option is just upgrading your project to use Java 6. It's ridiculous to still be using Java 5, which is now years out of date. (Hello kettle, I'm pot. Pleased to meet you!)
By the way, here's a little utility that helps you figure out what Java version you will need for a given jar:
http://code.google.com/p/versioncheck/