My Question is actually very similar to this one and also includes a good answer for a case with InnoDB Engine tables:
What is the best way to reduce the size of ibdata in mysql?,
I have noticed that drop schema do not shrink ibdata files , so i have looked for a methods to configure the DB so that the size will be reduced after deleting a schema.
i have found many links talking about InnoDB and the way to save table per file so that the .frm file it self will contain the table data and it will be reduced.
But what happens with MyISAM tables (with more than 5G table size).