Full Tilt No-Limit Hold'em, $1 BB (9 handed) Hand History Converter Tool from FlopTurnRiver.com (Format: FlopTurnRiver)

Button ($100.20)
SB ($60.85)
BB ($74)
UTG ($111.50)
UTG+1 ($99)
MP1 ($17)
MP2 =#A500AF(Villian)/ ($99)
Hero ($100.80)
CO ($100.40)

Preflop: Hero is MP3 with 5, 4.
UTG raises to $3.5, 2 folds, MP2 =#A500AF(Villian)/ calls $3.50, Hero calls $3.50, 2 folds, SB calls $3, BB calls $2.50.

Flop: ($17.50) 7, 9, 3 (5 players)
SB checks, BB checks, UTG bets $8, Villian raises to $24, Hero ???

Also, should I have just folded preflop, looking to only play SC's in limped pots?