Help with weighted/sequence ranking

Hi,
I am asking respondents to put a list in order of preference. How do I weight each item in the list based on it's place.
For example, "List these five items in order of highest priority to lowest priority". The results will appear in two cells as follows:
Participant #1 - 12345
Participant #2 - 54321
Participant #3 - 32154

How do I give more importance to the "5" given by Participant# 2 than I do to the "5" given by Participant #1

Thank you