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I'd fold pre-flop. If I did take your line, I'd have to bet the river since I've said I had a K all along and I'd fold to a check-raise.

As for your follow-up question, you don't play too tight if you are limping J7s from MP3 and no you don't want to wait until you hit a flop to build a big pot since the only people that will help you build that pot are people that you've given an opportunity to beat you. If you can, read Small Stakes Hold'Em by Ed Miller. It explains quite well how best to play pre-flop, and then how to handle yourself post-flop and gives you the reasonings behind the need to raise your premium hands pre-flop even if you don't get any "customers"

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The reason I limped with J7s was because most of the table was folding when I entered a pot for a raise. Good point on the River, never even thought about that move. Also, I have read SSH, but will look over the PF again.