[Andy B]

Let's say that W's has a pair and a low straight draw, which is pretty reasonable. He wouldn't fold, and I don't think that raising is profitable unless he somehow thinks that M has only a pair of Queens and will fold to his raise. I think that if M were inclined to fold to a raise, he probably wouldn't bet. I don't think he should do so at any rate. If W doesn't have a made low, then calling is probably the way to go. Pump-or-dump situations come up all the time in hold'em. I think that they're a lot less common in stud/8.

If you're reporting the hands correctly, M bet the river after W checked and then W check-raised. I would frequently bet Aces-up after W checked. W should usually bet if she's made something, because M can't be counted on to bet her hand for her. When W checks, it looks like she's missed, but M can expect to collect a bet from her if she's made two pair.