I have four clips all in four quadrants of the screen. I want to stop all of them at the same time and hold that frame for about 5 seconds. How can I do that?

Have a look at FRAME HOLD.

I assume you have all four shots stacked on four video tracks on your timeline, yes? The freeze point for all four must be in exactly the same place if you want all four to freeze simultaneously.

For each clip, go to the frame you want to freeze and razor the clip on the timeline. If they're already in perfect sync, you can just place the CTI over the frame you want to freeze on all four and choose Sequence > Razor All Tracks. Right-click the clip on each track to the right of the new cut and select "Frame Hold" and choose Hold On... In Point. Then drag this clip to the duration you want (or right-click it again and choose Speed/Duration and change the numbers to 5;00). Repeat three more times with the other three clips.

Yes, I have four sinc'd clips of one person racing a bike. All four clips are shot from the same position and we are trying to show the rider which "line" is faster by freezing all clips at the same time. This will show the difference position at the same point in time.

So I want to be able to play the clips and at the point I want all clips to freeze and hold for an extended period of time.

So if I understand what you are saying. Just stretch all the clips out the duration I want. Cut all clips at the freeze point and set the Hold Frame to the In point of the trailing clips (behind the cut).

Does this sound correct?

Yes. Then you'll adjust the length of the frozen portion to whatever you want.

There are other ways to do it, but to me this is the simplest.