Dot 3 and Dot 4 brake fluid can be used in Hayes brake systems. I would suggest Valvoline in the grey/gold bottle. Cheap, with a very high wet boiling point.
Dot 5 cannot be used in bicycle applications, and should not be used in general cars. It is a silicone-based fluid that does not absorb moisture, has a low boiling point, poor pedal/lever feel, and is just a PITA to deal with. Plus it's very hard to get. It is made for the priceless show cars that never get driven, because they don't see actual use and it won't damage paint or cause rust.
Having said all this, the new DOT 5.1 *IS* compatable with all Dot 3/4 fluids and systems. But it is EXTREMELY expensive, and needs to be changed frequently (IE: weekly).
I have extensive brake fluid experience with racing cars.
-Brad
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