Based on OP's rules I'd say you are a mass collector (instead of classy = first prints, editions, unedited, low value, etc.) and actually only someone who plays a lot and keeps the games.
That's not really collecting. Well, it is but not in the sense of how people collect something when it is their hobby or life-time dedication. And selling part of a collection without owning it at least twice is pretty much the killer, no way collectors do that.

I guess all collections are meaningless to you? I collected exotic/precious stones growing up, and had fun with it.

I collect video games because it is fun. I will have (most) every console ever made before I am done

Not entirely true. What I meant about video games is that its a shame most ''collectors'' dont have time to play the latest released because they backlog can potentialy be dozens if not hundreds games. I don't see the point of playing games if thats going to be the case. 

You stone collection for example is perfectly fine. I happen to ''collect'' TV show boxsets and black and white movies, because I can afford to spend the time to watch something so out of date while still watching the latest movies and tv shows. 

But adding to their collection may be what makes them happy? Granted I would not add to my collection if it meant not buying something current I want.

1. To me the five games per console rule only applies if it's a new console.  It means that there should be a sufficient amount of games that come out in the future and I'm not really going to waste my money on purchasing the console.  Unfortunately, with the Vita and the 3DS, the haven't been a lot of great releases like there were with the PSP and DS.  There are good games, more than 10 each, but with the PSP and DS, I've owned over 20 for both systems at the same point in time.

2.  I keep track of everything I'm interested in, so whether I complete a game from my backlog or not, I will purchase a new game if it gets cheap enough.  Some games I'll support on day one but rarely.  Games that I'm sure will get GotY or Complete editions I'll never get those day one and always wait.  Especially if it's a Bethesda game because not only do the Complete editions come with all the DLC, they also come with all the bug fixes to make the games playable, something especially worthwhile being a PS3 owner where they don't give two shits the majority of the time.

3.  See number two.

4.  Also see number two.

5.  As long as I think the game is good, I'll keep it regardless of how long it's been since I've last played it.  I'll only sell games that I don't like.  Some games I don't like I'll still keep because I might be a fan of the series(Final Fantasy 13,) or the game has a lot of gameplay value(Pokemon X.) 

Regradless how long it's been there's always potential that I'll replay what I think is a good game.  It's been well over five years since I've last played Vandal Hearts but I started playing that late last year.

I buy the things i want when i can afford them.

EDIT: i also never sell games or return them unless they were gifted to me so that i had multiple of one game.

My Rules:

1. Buy 2 copies of each game new on release day. Has to be collector's edition.
1a. If it's on PS3 and 360, buy 2 copies on each console. If pre-order bonus included, bonus score. If not, no biggie.
1b. If no collector's edition, but has pre-order bonus, buy 2 copies for pre-order bonus. Bonus has to be in physical form. If not, no buy.
1c. If game has none of the above and only comes in regular version. No buy.

2. When physical game becomes cheap, buy.
2a. If game has a cheap digital version, buy digital version and keep physical version un-opened.

3. When finally not lazy, sell some goodies.

My rules are simple:

1) Get whatever I want when I want.
2) Don't hoard junk.

I like all of your rules. But I might break most of them. I just cant control when I see a highly expected new game.

Those rules suck. I'm buying an Xbox One before Friday and there ain't shit I want to play. Just turned my PS4 on for the first time since March 2nd this moring. Got South Park on Friday and all I did was create my characters. Fuck rules! I do what I want!!