Sacred Valley - How much time?
 

How much time is ideal for Sacred Valley, MP and Cuzco? I have 7 days but I'm thinking that is too much.

If I stay 5 days, what else would recommend for the extra 2 - fly to Arequipa, bus to Puno, an extra day or two around Lima?

I'd suggest Puno, since it's not far from Cusco and the touristic buses to Puno include several stops and visits.

Read other threads where people discuss their itineraries, that will give you and idea of what to include in 5 days, there are lot of options in Cusco area, so it's not too much time.

Consider flying to Puerto Maldonado and spending a couple of days at an eco-lodge on the Amazon. It's a wonderful experience!