Hi Siraj,
You can insert a switch into the middle of a stack. Physically it's just as easy as breaking open the stack and inserting the new switch. I will warn you to make sure that the new switch is running the same boot firmware and agent software as the rest of the stack before you connect it to the stack. As of 5.x software for the ERS 5000 series the stack is suppose to upgrade any switches that are running a older software release but I've seen it get hung up from time and time and generally advise people to take the time and effort to upgrade it manually before connecting it to the stack.
You will need to renumber the switches in the stack once you've connected the new switch, which requires a reboot so you'll need some downtime. So long as you only disconnect one stack cable at a time you won't have any issues, disconnect more than one at a time and you'll end up isolating some of the switches in the stack.
Good Luck!