What to Do When Facing Multiple Raises

I can summarize this entry in one sentence:

Fold basically everything with multiple raises in front of you.

Let's say you're at a full .5/1 NL table, everyone has $100, and no one is notably crazy or loose. You're on the button. The third player to act raises to $3.50, and the cutoff reraises to $11. You look down at your cards and see AQ.

Fold like Superman on laundry day.*

Calling here is absolutely atrocious. Ignoring the initial raiser, think about what cards the reraiser is likely to have. I'd say AA/KK/QQ/AK, maybe JJ or TT if he's a little more aggressive. Some players won't even reraise with QQ or AK. If the reraiser is one of these guys, his range is only AA/KK!

AQ is terrible against these ranges of hands. In the event that you ARE ahead on the flop, he'll be fully aware that he's in trouble, and will not give you much money. However, you will often have top pair with a top/good kicker but still be behind. You will give him plenty of money.

The inability to lay down hands in situations like this is one of the most serious leaks I see in live players. They do seem to know that they're against a premium hand, but are still unable to fold AT. They put in large amounts of money with a hand they know is way behind. Is there a parallel universe in which that isn't god awful poker?

*simile courtesy of The Simpsons