How to remove locking lug nugs on a 5.0 and trick?

You can find a cheap socket to drive over the lug nut and remove it.

I tried this once and tore the hell out of the finish on the rim around the lug nut. Solution? Dealerships and tire places usually carry sets of locking lug nut "keys". Call around and see if anyone can help you out. For me, it was the local Ford dealership.
 
I have a tool that is a socket but is round and tapered inside. You tap it on and gently break the nuts loose. I have in a pinch beat an old socket over the nut as well. The trick is to apply gentle pressure to break it loose, don't push fast.
 
What do the keys look like? Some keys are very very common, others are not, I'd suggest taking it to a tire shop and asking if they have one similar. You can also break them off but that is not fun and scary to do with nice wheels around em.
 
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Two ideas if you do not find a key, although that is the best idea. I think it is called a gator socket. It has pins that slide in to fit most any bolt. The pins might fill in the key slot. Second idea is the mother of all vice grips. If there is room, I know this was rumored to work for less than honest folks in the 80's to break locks loose. No one came back to the parts store saying it did not work. I think they padded the CCW side of the Vice Grip with a shop rag to not mess up the rim.