Can i stop this iOS 7 update?

While I was downloading iOS 7 on my iPhone 5 I was reading a lot of terrible reviews and I regret updating now. However, when it asked me to install I did not. Can I just ignore. The installing and all is well for now?

NO you can't

And i don't think it is that bad anyway (just don't put it in water it isn't waterproof.)

Have you tried turning it off and on again?

If you don't install after downloading, it wastes a few gigabytes of space on your device. If you don't actually think iOS 7 is better *right now* then do not install it. Be wary of people who recommend iOS 7 to you because many are just in love with the novelty and have not actually evaluated iOS 7 in practical day-to-day use. Some of those people go on to be the ones who are disappointed most with iOS 7 after they have used it for a while. Keep in mind that iOS 7 is not really iOS 6+1 - iOS 7 is a new system that is better described as iOS 7 version 1.0, and it has a ton of version 1.0 -type bugs. If you are unsure at all, it is much better to wait for version 2.0, which will be called iOS 8.

I hate my ios 5

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