How to Play a Big Draw?

[mockingbird]

Party Poker 0.50/1 Hold'em (10 handed) converter

I think I obviously should have folded to river bet, but are there any other suggestions?

Preflop: Hero is MP2 with 8[img]/images/graemlins/spade.gif[/img], 7[img]/images/graemlins/spade.gif[/img].
<font color="#666666">4 folds</font>, Hero calls, MP3 calls, <font color="#666666">1 fold</font>, Button calls, SB completes, BB checks.

Flop: (5 SB) 7[img]/images/graemlins/club.gif[/img], 6[img]/images/graemlins/club.gif[/img], 5[img]/images/graemlins/spade.gif[/img] <font color="#0000FF">(5 players)</font>
<font color="#CC3333">SB bets</font>, <font color="#CC3333">BB raises</font>, Hero calls, MP3 calls, Button calls, SB calls.

Turn: (7.50 BB) K[img]/images/graemlins/spade.gif[/img] <font color="#0000FF">(5 players)</font>
SB checks, <font color="#CC3333">BB bets</font>, <font color="#CC3333">Hero raises</font>, MP3 folds, Button calls, SB calls, BB calls.

River: (15.50 BB) 2[img]/images/graemlins/heart.gif[/img] <font color="#0000FF">(4 players)</font>
SB checks, <font color="#CC3333">BB bets</font>, Hero calls, <font color="#CC3333">Button raises</font>, SB folds, BB calls, Hero folds.

Final Pot: 20.50 BB