Community and Rural Medical Residency Preservation Act of 2005 - Amends title XVIII (Medicare) of the Social Security Act with respect to the counting of time spent in outpatient settings by full-time-equivalent residents in approved medical residency training programs, for purposes of direct graduate medical education payments and indirect medical education payments. Defines all, or substantially all, of the costs for the training program in that nonhospital setting as the residents' stipends and benefits and other amounts, if any, as determined by the hospital and the entity (wholly owned or operated by the hospital) operating the nonhospital setting. Declares that the hospital is not required to pay the entity any amounts other than those determined by the hospital and the entity in order for the hospital to be considered to have incurred all, or substantially all, of the costs for ther training program in that setting.