Help settle this debate!

[The Prince]

Hi all,

here's a situation a player I know got himself into and I completely disagree with his play. Tell me what you would do. Always wanting to improve my skills I'd like to know if I'm really wrong or right.

You are 3 hours into a 500$ limit Hold'em tournament. Each player started with 500 in chips. After getting all rags you're down to your last 125. I don't know what the limits were but I'm guessing the blinds were 25-50. You're on the button and 5 players limp in front of you. You look down and see 7s2s.

What do you do?