i have a set of tires that are 205/55/16 and my new winter rims are 16x7.5... will the 205's even fit

Hell if there's people on here with 9" wide wheels running 225 tires, I wouldn't be TOO concerned about stretching 205/55 (i'm assuming) on 7.5", but that's just me.

7.5" is usually the mfr's max recommended width for 205/55/16 tires. You'll be fine.

http://www.tirerack.com/tires/Spec.jsp?make=Goodyear&model=Ultra+Grip+Performance&partnum=055VR6UGPXL&vehicleSearch=false&fromCompare1=yes&place=7

It's less than ideal, but it WILL work.