huge multiway pot: correct play?

[Ikaika]

UTG was just ridiculous (82/65/5.75), BB was 45/4.5/0.8, and SB had just lost set over set thanks to yours truly and was obviously about the tilt express. I made the initial raise since I was in position and UTG had been folding to reraises pretty consistently, but then everything went insane. Is calling the correct play here? I kind of freaked out since the pot was like 5 buyins, but I figured that suited connectors play well in multiway pots(right?).

PokerStars No-Limit Hold'em, $0.02 BB (6 handed) Hand History Converter Tool from FlopTurnRiver.com (Format: 2+2 Forums)

Hero ($5.16)
SB ($3.47)
BB ($2)
UTG ($5.42)
MP ($0.79)
CO ($3)

Preflop: Hero is Button with 7[img]/images/graemlins/club.gif[/img], 8[img]/images/graemlins/club.gif[/img]. CO posts a blind of $0.02.
<font color="#CC3333">UTG raises to $0.12</font>, <font color="#666666">1 fold</font>, CO (poster) calls $0.10, <font color="#CC3333">Hero raises to $0.3</font>, SB calls $0.29, <font color="#CC3333">BB raises to $2</font>, <font color="#CC3333">UTG raises to $5.42</font>, CO folds, Hero ??? , SB calls $3.17 (All-In).

[BigBadBabar]

hero folds, we have 8 high. suited connectors play well when they get in cheaply and hit stuff or big draws, not ai pf against multiple people.

[Ikaika]

is the reraise to $.3 ok against loose opponents when i'm in position or should that have just been a call?

[SavageMiser]

A re-raise is a bit spewy. The poster already called one raise as it is, never mind UTG. Just call in position and see a flop.