There's 2 mg of drug in every 5 mls of liquid- that's what the 2mg/5ml means. In this case, the sig would be "Take 5 mls (one teaspoonful) by mouth 4 times a day." It's much better to write prescriptions this way just in case a drug doesn't come in a particular strength and to make the math easier for dosing.
But say, for example, the drug only came in 5mg/5ml strength, you would have to change the instructions so that the patient got 2 mls 4 times each day - the patient is still getting a 2mg dose at each time period. (And in this case, you'd dispense 60mls instead of 150).
You can convert your mg/ml into w/v but I wouldn't recommend it since you'll be giving yourself more work. You should just leave it the way it is.
As for the example you're asking above in reference to Moxxie's 5mg/5ml... if the doctor only wrote the patient needs 2mg of drug given 4 times a day, and 5mg/5ml = 1mg/1ml, you will see the correlation of 1mg to every 1ml. Therefore, the directions for the patient will be 2ml for 4 times a day to receive the proper strength of 2mg per dose each time.
I do not understand what you are asking for when you say "...4ml as the doctor wrote..." please clarify if it's not what I answered in this post! Just remember that most drugs can be given in many different volumes (such as mixing in IV's), but we still call it "X mg" of drug in "Y mL" volume.