Well, the questions you pose are exactly why you're paying attention to the other players, what do they do? If you're facing a bet and you figure you're hand to be the best, reraise. If the players play the way you describe, when you look down and see AK or even AQ, you're hand figures to be the best, so, raise pre-flop whatever it takes to narrow the field. You have to experiment to find that magic number. As far as if you have an up and down straight draw or nut flush draw, call the bet. Why? Because there is sure to be somebody behind you who will call as well and that builds the pot. If you semi-bluff, you may win the pot right there, which is fine, but if you just call, the pot figures to get bigger with the additional caller(s). For example, you have A7 of spades, everyone limps. Fine, that's what you want, money in the pot. Say you're in middle position. Flop comes with two spades, first player raises it up. One way to play it is to reraise, if you're called, it's cool, you have outs. Maybe you're Ace is good, but what you really want is to make you're flush. Or, you call, to entice other callers. Some numbers for you. Say blinds are 1-2 dollars, six guys limp in pre-flop, that's twelve bucks in the pot. Flop comes, first guy fires ten, now the pot has 22 dollars. You reraise, everyone folds, you win 22 bucks. Or, you call, one guy behind you calls, now there is 52 bucks in the pot and you have a 37% chance of making the nut flush. Say you make the flush on the turn, first guy checks, you check, last guy takes a stab at the pot, you pop him, you win a more money. By just calling, you're keeping more players in the hand, more opportunities to make money. You have disguised the strength of your hand which can entice bluffers. You'll really do well if the spade makes someone a set or a straight, much like when you fill up on a card that completes someones flush. If I'm not mistaken, the idea of just calling to keep others in the pot is discussed in Hold 'Em for Advanced Players. Albeit a limit book, it is a remarkable text.
I hate games like this because your stack will go up and down and up and down. It's unnerving, but if you play it right, you can leave with a lot of cash. Also, it's extremely difficult to put people on hands in games like this.
I often follow the principle of trying to win a lot of small pots, however, the only way you'll profit in a game like the one you describe is by taking down large pots. When you have big hands like AA, KK, QQ, AK you need to chase guys out pre-flop. Don't worry, this isn't too bad because these types of games feature a lot of idiots that play any ace, so, when you have AK and you pair the ace, chances are you'll get paid. Be careful, since they play any ace, they may make two pair with those harmless-looking low cards. Also, when you raise pre-flop with jacks, tens, nines and an ace flops, you must proceed with caution. If you flop a set and there is an ace out there, this is another good opportunity to make money, there is sure to be someone in the pot playing a baby ace.
If you have anymore specific questions, feel free to ask. I'm not the best, but I'm glad to share with you what I know.