I recently inherited an Ariens 5Hp snowblower model # 92406, VIN # 007411. Can any forum member tell me anything about this machine as far as year, reliability etc

Sure you're not missing a digit from the model number?
922... and 924... works, unless it's just that old.
Look at the auger gearbox between the rakes in the front. If it's cast-iron, it's a serious machine that'll outlive many others - restoration can be pricey but may be worth it.

Are the handlebars white?(oldie too)
Is the engine white? (near oldie / oldie too)
The engine serial number is a Julian date, however it's ambiquous as 2123 could be the 123rd day of 1982, 1972, 1962 etc.

http://www.ariens.com/customerservice/partsradar.aspx