I think Homerun04 is using the term "medical redshirt" to refer to the possibility of a waiver to the D1 5 calendar year limit. While a waiver may be awarded under any circumstances, a typical waiver to the 5 year rule is awarded when a player has suffered a hardship (usually an incapacitating injury or injuries, with contemporaneous documentation) which has kept him from playing in two seasons. See Bylaw 14.2.1.5.
Also, to generalize the answer: The 5 calendar years in which to compete in 4 seasons rule is for D1 only. In D2, D3, and NAIA, the limit is 10 full time semesters (or 15 quarters). So if a non-D1 player doesn't take a full load or doesn't attend college at all, his eligibility is unaffected, and he still would have 2 seasons of competition left. Additionally, in NAIA, if the player graduates from college, his eligibility is terminated.