Calling the raise was correct, once you got into a Raise/Reraise situation then it becomes a very expensive 2 outer draw, and you drop it. Typically the 2nd raiser has a large pocket pair, and is saying he is going to push the hand hard, so unless you catch a 6 on the flop, you just threw away $2 when you knew you didn't need to.

Again, calling the first raise is good. You have the ability to hit a set (which happens about one out of 10 times, maybe less), but you'll get paid when you hit it. Next, you might be able to take the hand unimproved. And if you miss and he keeps betting into you, it's an easy fold. But once you get 2 raisers you need to not be the creme filling in their oreo cookie.