How do you play in SB?

When it's folded to you in SB - what sort of hands do you limp/fold/raise?

When you have a hand like AKo in SB and there are 3 limpers in the pot - how do you play it?
When I raise in SB in this situation - a lot of the time I get some callers and then when I miss the flop my hand is dead. I raise 4xBB +1xBB for each limper in the SB. so with 3 limpers that's a total bet of 7.5xBB and 6.5xBB for each of my opponents to call.

I had AK in the SB a couple of days ago - made a raise. Got 1 caller from late position. Flop comes 8 hi and I've missed it completely. I bet $5 into a $7 pot. Can't remember how the rest of the hand went exactly - but my opponent stays in the pot and I lose the hand. I think he made a min raise and I fold.
But even if he flat calls and bets the turn I'm gone. Should I be making cbets like this in bad position? It's unlikely he hit the flop (unless he has an overpair, but he didn't raise pf so not so likely). But he'll realize that it's unlikely that I hit the flop and if he's a decent player there's a very good chance he will float me. And if he does I'll give him the pot. Even if just checks the turn, he still has another chance to take the pot off me on the river. After I've checked twice a lot of players will take the pot away from me with K hi or worse.

Thanks