I thought of my strategy before I read Trip's post, but I agree with it. I would definately go agressive in the betting to put the blinds out, then deal with the limp raiser. I also agree that it sounds like limit, and if that was the case, there's a "limit" on how much I could lose, whether low limit or pot limit.
This hand has a lot of outs, so I would consider it worth playing agressive, even though the 7 is a weak kicker. It's possible that if it went to an AA showdown, the seven would be immaterial because the cards on the board already beat it, and they would probably become my hand. My big worry would be whether the opponent has AK or AQ, because those cards would dominate the board.
Trip, I don't see the flush draw that you mentioned. Is it possible that you saw the
as a
?