$11 Bubble 34o facing all-in

[kbinder]

Hey everyone,

I've been a long-time reader of the site. I just started playing online poker last weekend, and I have been facing what I believe to be some tough decisions on the bubble.

PartyPoker, Big Blind is t400 (4 handed) Converter on pregopoker.com

CO (t1890)
Button (t60)
SB (t5500)
Hero (t550)

Preflop: Hero is in BB with 3[img]/images/graemlins/diamond.gif[/img] 4[img]/images/graemlins/spade.gif[/img]
<font color="gray">CO folds</font>, <font color="gray">Button folds</font>, <font color="red">SB raises to t800</font>

I folded this, believing that I would prefer a random hand (the next hand) over 34. If I survive, I have 3rd place locked up. Thoughts?