Can't decide if this was good or bad play

[K_Hunter]

CO known loose raiser any pair any Ace.
Flop - I'm thinking he may be betting unimproved AK and my 5's may be good or his mid pocket pair has me drawing. AQ and i'm dead.
Turn - not good, but pot is large.
River - he has the goods or we split with an Ace or I just killed his mid pair ? I thought for a while and called.
Good / Bad ?

Party Poker 1/2 Hold'em (10 handed) converter

Preflop: Hero is MP2 with 5[img]/images/graemlins/club.gif[/img], A[img]/images/graemlins/club.gif[/img]. CO posts a blind of $1.
<font color="#666666">2 folds</font>, UTG+2 calls, <font color="#666666">1 fold</font>, Hero calls, MP3 calls, <font color="#CC3333">CO (poster) raises</font>, <font color="#666666">3 folds</font>, UTG+2 calls, Hero calls, MP3 calls.

Flop: (9.50 SB) Q[img]/images/graemlins/diamond.gif[/img], 5[img]/images/graemlins/diamond.gif[/img], Q[img]/images/graemlins/spade.gif[/img] <font color="#0000FF">(4 players)</font>
UTG+2 checks, Hero checks, MP3 checks, <font color="#CC3333">CO bets</font>, UTG+2 calls, Hero calls, MP3 calls.

Turn: (6.75 BB) J[img]/images/graemlins/heart.gif[/img] <font color="#0000FF">(4 players)</font>
UTG+2 checks, Hero checks, MP3 checks, <font color="#CC3333">CO bets</font>, UTG+2 calls, Hero calls, MP3 calls.

River: (10.75 BB) J[img]/images/graemlins/club.gif[/img] <font color="#0000FF">(4 players)</font>
UTG+2 checks, Hero checks, MP3 checks, <font color="#CC3333">CO bets</font>, UTG+2 folds, Hero calls, MP3 folds.

Final Pot: 12.75 BB

Results in white below: <font color="#FFFFFF">
Hero has 5c Ac (two pair, queens and jacks).
CO has 9d 9s (two pair, queens and jacks).
Outcome: Hero wins 12.75 BB. </font>

[mdob]

If CO is raising light pre-flop, he's probably betting any flop when checked to. I'd check-raise the flop, hoping to get rid of MP3 (and maybe UTG if he has the same read on CO). Lead the turn.
Since you called the flop and CO bet into the field again, I'd probably just fold the turn.