playing and beating LAGs?

[cbloom]

I recently played against a LAG who was dominating a table, open raising to 3x or 4x every hand it wasn't raised before him. After the flop he generally played very well, would bluff well and get out cheaply if he was beat. Generally my strategy against someone open raising so much is to punish them for putting money in preflop with bad hands, which is easy to do by waiting for good hands and reraising and just pushing hard the whole way, but there are a few problems I really had trouble with -

1) this was six-handed, so you can't wait for super-premium hands since the blinds are eating you up so fast; also, when you do hit a great hand it probably won't be paid off.

2) just waiting for hands like AQ, AK, I'd reraise preflop, and then most of the time the flop comes blanks, now I'm stuck playing a big pot with ace high, and he's a tough player after the flop, and since he has almost any two I have no idea if I'm ahead or behind.

It seems that someone putting in a lot of money preflop with any two should be a money loser, but how do I extract it from him?