Full Tilt No-Limit Hold'em, $0.50 BB (9 handed) Hand History Converter Tool from FlopTurnRiver.com (Format: FlopTurnRiver)

MP1 ($48.75)
MP2 ($64.30)
MP3 ($49.25)
CO ($8.30)
Button ($28.75)
SB ($44)
Hero ($50)
UTG ($50)
UTG+1 ($50.50)

Preflop: Hero is BB with 8, 3.
1 fold, MP1 calls $0.50, MP2 calls $0.50, 1 fold, CO calls $0.50, 2 folds, Hero checks.

Flop: ($2.25) 4, 8, 7 (5 players)
Hero checks, MP1 bets $2.25, MP2 calls $2.25, CO folds, Hero folds...

Standard?

Standard fold.

Yep. Connected board and you really have no hand. Even if you are ahead now, reverse implied odds give this hand zero profit for you. Seriously, almost every turn card that falls is a potential scare card.