I'm assuming you have Photoshop(being in the Photoshop forum and all). You won't be able to get the image down to those dimensions without either cropping some of the image or (as TomThumbKP stated) stretching the image.
First go to 'Image>Image size' and change the height to 500(not the width) make sure constrain proportions is checked first, and the resample image is Bicubic sharper( or Bicubic, if the image looks too sharp after resampling).
Once resampled select the rectangular selection tool, in the options at the top, choose 0px feathering, and Fixed aspect ratio - make the width =1 and the height =5.
Draw a rectangle from one corner to the bottom. This is the size you wanted, as you can see a lot of the image is outside the selection and, if cropped, will be lost.
You can resize the image to this size by resampling again(as above, but with constrain OFF and this time just change the width), this will distort/compress the image width to fit(not much use if, for example, it is someones face!), or you can crop(crop tool) as much of the image at either side first and then resample.
Moe: It could have been a real ugly situation, but luckily I managed to shoot him in the spine.