A girl I like sent me a text saying she "had to break up with her bf five times before he got it" (desperate?)

How soon should I wait to talk (and hook up) with her?

She got in touch with YOU...to let you know how completely over her ex BF she is, and that she's available...hello IOI! Unless you have messed up and went into the LJBF zone already. So why do you think you need to wait at all?

I don't wanna rush things (AFC i know) Doesn't she need some time to cool off?

It depends on the girl. Some girls waste no time hooking up with the next guy. If she is not like that you will know, because the IOI's won't be there. I say get on it - if she dumps a guy and immediately tells some other guy who is into her all about it, I am guessing she is someone who does not waste time. Unless, like I said, she thinks you are "just a friend"...but it sounds like hopefully that is not the case. Take your chance before you blow it. Also, what the hell does "cool off" mean??
Don't say what you think is right, then call yourself an AFC for it...if you have some moral problem with moving in on someone else's woman as soon as he loses her, well that's fine: be true to what you believe. If she is a fast moving girl, she may not like it that you are imposing your more conservative morals on her and move on though. In any event, don't think you are doing her a favor by forcing her to "cool off" if what she wants is to get hot again!
D.

Well I suggested a hang out, but she said she is working all time. Doesn't matter really; i have other options. I just thought i settle down lol

Hmm don't give up if you like her so much...just give up the oneitis! I didn't really catch on you wanted to immediately settle into a relationship with her....I guess I personally don't think that way anymore, so I forget other people sometimes do! In that case, she may not want to hook up, if she isn't ready for another relationship right away, and is worried you will require a big commitment. But you should still try to get naked with her! Who knows where that will lead!

How though? She lives an hour from me.