The 7805 is good for driving Blue rays, if I remember correctly it has a max 100ma output, not high enough for a burner. Also it is no good as a constant current source, as HT says LM317 is the way to go.....
Is there a particular reason you were looking at the 7805?
They do make the 7805 in the same package as the 317. So it would provide enough current to drive the reds. However the 7805 sucks as a current regulator. Used as a voltage regulator it is fine to use with the blu-rays....but I would not touch it for use with the reds. The 317 is the way to go. Of course there are a few other driver options which can easily be found by looking through the Experiments and Mods section.
oh, i guess i'll just save it for the blus then, i was just curious, mainly because i noticed my "3.6v" surfire 123a's were reading 2.93v fresh from the packaging, which led me to wonder if that, coupled with the lm317t getting a less than 6v source, have damaged my last laser diode?