Standard AA fold here?

[Pokey]

You'd really have to tell us more about MP3 before we can answer that question. However, there are other problems to point out....

Preflop, your bet is too small to get the job done. Given $0.15 worth of blinds (small and big together), your standard raise should be something in the neighborhood of $0.50 plus $0.10 per limper. When you raise to $0.35, you don't charge your opponents enough to see the flop.

On the flop, your bet is WAY too weak. This is a highly coordinated board. You have very few outs, and none are very good or clean (A [img]/images/graemlins/diamond.gif[/img] to the backdoor flush, 5 to a POSSIBLE winner, another A that would scare the bejeezus out of me, etc.). You don't really want to see any more cards flip up, because they won't improve you and might defeat you. Add to all this that you don't have good position for the rest of the hand and I'd be betting at least the full pot on this flop. If you put $1.00 to $1.50 into the pot, you may not have to deal with this MP3 bet, which could EASILY be a bluff. If, however, he pushes a huge raise into the pot after you bet strongly preflop and on the flop, you can decide from there what your next choice is.

Has this guy been dramatically overbetting pots on a regular basis? If so, has he shown down any hands after doing so? If so, what kinds of strength was he showing? Barring any other evidence, I'd probably fold to a triple-the-pot raise on the flop after I'd done the things I mentioned above; you might be ahead, you might be behind, but it's going to cost your entire stack to find out, and that's not worth it.