Re: Stud-hi beginner question.
This hand is almost always worth a limp, unless 3 or more clubs are out. You have a gapped three-straight, which is a nice plus, but not why you play this hand. You are playing it because it can make a flush, which is huge, or big pairs/two-pairs, which are bread-and-butter hands.
You don't raise in early position with a hand like this because you don't want small card draws (especially three-straights) and small pairs to fold. Those are the hands you want to play against. You will also be folding Fourth most of the time, so it makes sense to pay the minimum to do so.
The worst case for a hand like this is heads-up against an overpair, and if you think that's how you will be playing, you're better off folding cheaply. The number of people playing (and hence the implied odds on your investment) are far more important than whether or not the pot has been raised. I will call two raises cold in a five-way pot, no problem. I will fold to a completion if it's heads-up against an overcard.
For a more detailed description of how to play these hands, refer to the stud section of Super-System and the Third Street material in 7CSFAP. Those two books will set you back about 2BB, and getting them is the most +EV play you can make in this game.
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