We studied the low-frequency quasi-periodic oscillations (LFQPOs) in the black hole GRO J1655−40 during the 2005 outburst, using data from the Rossi X-ray Timing Explorer. All LFQPOs could be identified as either type B or type C using previously proposed classification schemes. In the soft state of the outburst the type-C LFQPOs reached frequencies that are among the highest ever seen for LFQPOs in black holes. At the peak of the outburst, in the ultraluminous state, the power spectrum showed two simultaneous, non-harmonically related peaks which we identified as a type-B and a type-C QPO. The simultaneous presence of a type-C and type-B QPO shows that at least two of the three known LFQPO types are intrinsically different and likely the result of distinct physical mechanisms. We also studied the properties of a broad peaked noise component in the power spectra of the ultraluminous state. This noise component becomes more coherent with count rate and there are strong suggestions that it evolves into a type-B QPO at the highest observed count rates.