[Cooker]

This is a common situation and I don't know quite what to do, so lets look at some twodimes info. I will assume the reraiser must have AA with and probably a wheel card and flush draw to go with it. Lets see how you fair preflop:

If he has AA2x you are about a 2 to 1 dog
If he has AA3x you are about a 3 to 2 dog
If he has AA4x you are about an 11 to 9 dog
If he has AAxx with really nothing extra in there you are a slight dog
If he has AAQ9 rainbow then you have a tiny edge

I don't like a reraise since you can't be much favorite here and you can be a significant dog. Still, there is no way you can fold preflop since you are getting 2 to 1.

On to the flop, he may have you in bad shape and he may not. Lets see what happens EV wise:

If he has the FD:

AA2x is a 2 to 1 favorite over you
AA3x is a 3 to 2 favorite over you
AA4x is a 3 to 2 favorite over you
AA8x is a 5 to 4 favorite over you
AAxx is a 5 to 4 favorite over you (he has no low draw here)

If he has no FD:

AA2x is a 3 to 2 favorite over you
AA3x is essentially even money
AA4x is essentially even money
AA8x is an 11 to 9 dog to you
AAxx is an 11 to 9 dog to you (xx contains no low draw)

This street depends totally on the player. Will he fire without the flush draw and with no real low hopes either? Would he have made the preflop raise with a junky AAxx hand? If so then you may want to raise and he may fold. If he is pretty conservative, he probably has enough to have you behind, but you are only 2 to 1 behind to even his best hands. I think you need to see what the turn brings here.

Lets consider some turn options. If the turn brings a low and doesn't give you a straight draw at least to go with your nut low then I would fold if he fires again unless he is a total maniac and you think your 3s might be good for high. If the turn gives you trip 3s or 2 pair (maybe not with the aces) I am betting or raising the full amount when the action gets to me. If the low comes and I get a wheel draw with it, I am betting/raising the pot. Obviously, if the turn brings the flush and he bets again, I fold.

Change the clubs on the flop to spades and you have an easy reraise on the flop.