Help with this 5-card...

[magic_man]

It's 15 hours into a late-night 6-12 hold'em home game, and all hell has broken loose. I'm playing heads-up against the only guy left with chips, but a curious phenomenon is occurring on the end of the table. A game of blind, roll-your-own, five card stud has started up. Soon my opponent and I abandon our frivolous game (read: he goes broke) for the obvious greater EV to be had in this venture. The game works like this:

1) Every player antes $5
2) The first player draws a card randomly from the deck, spread out on the table
3) The next player draws cards until he beats the drawn hand
4) The drawing repeats until one player has the best 5-card hand, and he wins the pot

Now past the boring part and onto the exciting hand:
5 players are in.
The first player draws an Ace.
The next player draws five blanks and no pair.
Now I step up to the table. I draw my first card...a red King. I draw my next card...a black King! The day is mine.

The next player, feeling the intense pressure, reaches towards the deck with shaky hands. He draws the 3 of hearts. He draws the 5 of hearts. He draws the...SIX of hearts. The house man laughs that he is drawing to a straight flush. He draws again...the FOUR OF HEARTS! (I am totally serious).

He now stops, with a coy smile on his face, and offers to let us buy him out. What is my proper bid with my cowboys?
Read on for the crazy results.

~Magic_Man

[magic_man]

Update: Player one has an Ace. I have cowboys. The player in question has 3h-4h-5h-6h.

We offer NO DEAL. He sighs and draws the....

3 of clubs, a blank. My cowboys are holding up. The last player draws five blanks and it's heads up with the bullet.

Player one draws the AMAZING ace on his next card. Everyone gasps in shock. It's back to me. I know this is a man that will accept no deal (based on my past play against him).

I draw the 7c, a rock. I watch my opponent carefully for any tells, but receive none. He is obviously a seasoned veteran of the game. My only chance is a suckout. I draw again.
A RED KING!

He's under intense pressure now, with only three cards to hit his trips. He draws...a miss. He draws again...another rock.

He now stops and offers to double the bet. An obvious bluff. I have a solid read on this player (he is very loose-aggressive in blind roll-your-own five stud no bet), and I read him EXACTLY for a pair of aces, an obvious dog to my trips. I make it three bets. He draws again....

A MISS!

The pot is mine, as my opponent is drawing dead (read: he is not drawing any more), but I offer to show him how it's done. I reach towards the deck and draw my fifth card:
THE CASE ACE!!

Comments on all streets appreciated.

~Magic_Man

[Henke]

You don't mention if all the 2:s, 7:s and hearts are live. If they are, his EV is 15/40*P=9.375. The probability that anyone will beat a str8 or flush isn't really astronomical, so my guess is that if you can make him go for anything lower than $9 from the pot, you gain.

[Al Mirpuri]

This is no poker game.

You got lucky.

I am pleased for you.

This is no poker game.