Is this play horrible or not too bad

[STIdrivr]

This is just a 5.50 18 player SnG on pokerstars.
I decided to limp to try to hit a set cause the blinds werent too high but i figured i could have the best hand. When the guy right after me went all in i was going to fold cause its probably not worth it to look for a coin flip. Since i didnt have to worry about any one calling behind me i convised myself i had the best hand and was willing to gamble too get some chips for my small stack. If you know he has 2 overs it is not worth it to flip right here right? I just felt like gambling and its only 5$

PokerStars Game #3164699281: Tournament #15659012, Hold'em No Limit - Level III (25/50) - 2005/11/26 - 15:10:01 (ET) Table '15659012 2' Seat #7 is the button Seat 2: cranker300 (2455 in chips) Seat 3: shock3r (1285 in chips) Seat 5: Sullicrom (865 in chips) Seat 6: crummy (720 in chips) Seat 7: msgterry (805 in chips) Seat 8: howiel (2055 in chips) Seat 9: Munificence (2785 in chips)
howiel: posts small blind 25
Munificence: posts big blind 50
*** HOLE CARDS ***
Dealt to shock3r [7s 7c]
cranker300: folds
shock3r: calls 50
Sullicrom: raises 815 to 865 and is all-in
crummy: folds
msgterry: folds
howiel: folds
Munificence: folds
shock3r: calls 815

[AHiltz]

What are the blinds? Let's say it's early and they are 20/40 and you both have 1400. You limp for $40 with 55. If the guy to your left goes all-in and it folds to you, fold. Even if 1 person had limped before you, there's only 1.13:1 on your money.

[brian1175]

I say it's a bad call. It's early and you don't need a coin flip. If you had less than 10 big blinds then I say call and yell, "Hold Hold".

[Fortune 500]

Racing here is not necessary, and it's likely your best scenario.

Fold

[konahead]

you said it yourself - you "just felt like gambling and its only $5".

Otherwise fold - you have plenty of chips and blind's only 60. If you had a bigger stack where this was ~25% of your stack, it may be worth it, but not here.