Quote Originally Posted by Knytestorme
Say as an example you have As Ks as hole cards and flop comes 9d Js Qs, turn comes with 3c.

There are thus 21 outs for your hand with having the nuts if straight flush, flush or straight hits you and so need pot odds of 21:24 or roughly 1.14:1.

Given these odds, if the pot is $1000 and another player puts in an overbet of $10000 you are getting pot odds of 11:10 of 1.1 and thus below the required pot odds for the outs.
You have 9 cards that will give you the flush and 3 more tens to give you the straight. Thats only 12 outs. Add the 3 Aces and the 3 Kings as outs (if you think you will win with a pair) and then you have 18 outs. If you had Ks Qs and the board was Js Ts 8d 3c then you could possibly have 21 outs (open ended straight plus flush plus overcards). So lets pretend you do have 21 outs. The odds of making your hand is 25:21 (46 unseen cards).
So the <pot>:<bet you have to call> ratio must be bigger than that. 11:10 is lower than the odds the pot are offering you so you should fold (ignoring implied odds, opponent will fold on the river if one of your outs fall).

Quote Originally Posted by Knytestorme
Secondly, say the pot was $1000 again and the other player only bet $100 so you are getting pot odds of 10:1...in this case is it the case to raise an ammount such to get the pot odds back up around 1.14:1 if he calls...or more generally should any raise be such that a call will bring the pot to laying correct pot odds for the outs odds you currently have?
Absolutely not. You will win 21 out of the 46 times, that is less than 50% of the time. If you raise him you are essentially getting 1:1 pot odds on the raise and you need to be a favourite for those odds to be profitable.

Example:
You can buy a ticket for $10 with a 1 in 10 chance of winning $150.
You can buy a ticket for $50 with a 1 in 10 chance of winning $230. (EDIT: sorry for the incorrect value - fixed now)
Which would you prefer?
When you raise you are decreasing the odds the pot is offering you, this is only a good thing if you are a favourite to win the hand.