Consider the following three hands:
AAA2
A222
AAAK

The first two of these hands are very playable in Hi/Lo, especially if they are suited. An argument can be made that either of these hands can be played, and possibly played by raising. The third hand is a little more problematic because it has no low potential and should be played with extreme caution.

AAA2 (Suited)
I would prefer to raise with this hand, especially from early position to thin the field. If in late position with many players already limping into the pot, I would prefer to limp as well because of the possibility that this hand won’t hold up. If the flop doesn’t come just right, the high potential of this hand (pair of aces) is very vulnerable to being outdrawn – and thus has much less value. Therefore, I prefer not to raise with this hand when multiple players have already entered the pot.

If a high or coordinated flop comes out that doesn’t include your suit, this hand is easy to fold with the least amount of loss. However, if the flop is low, and especially with your flush draw, one would be wise to place as many bets as possible on as many streets as possible. There is some chance your aces are still good for the high, and you’re almost guaranteed to win the low with your AAA2 unless your deuce is counterfeited. If you do get counterfeited, then provided you have some flush outs, this hand still has some potential. If you don’t flop any flush suits, don’t always assume your aces are going to win the high. Remember, when multiple players are competing in the pot, you can assume your aces are dead. Whatever you do, don’t get stubborn about your aces as a high hand – because they can easily be cracked in Omaha – and this is a sure fire way to lose lots of money.

A222 (Suited)
Depending on your position, and the action prior to you, you might want to raise with this hand also. If you are in early position, I prefer to limp this hand because there is a slightly less than 50% chance you will make a low, and raising from early position may only scare away opponents that you really want in the pot to increase your winnings should you make a low. However, if you are in late position, and if there are multiple people already in the pot, I would certainly raise with this hand to increase the value of the pot should a low flop come. If the action is folded to you on the button, raise with this hand anyways because there is a small chance you could win the pot right there -- especially if you have a tight, or solid table image.

On a high and unsuited flop, immediately dump this hand. Don’t get stubborn, and don’t chase a runner-runner low…unless. Even with this rule, there certainly can be an exception to it. Suppose you are in early position and the flop only contains one low card, and maybe one of your suit. If the opponent immediately to your right bets and 3 or 4 other people call before the action comes back to you, you’re probably getting greater than 15:1 on your money to chase your runner-runner low – so you might as well do it, especially if you also have a backdoor flush draw.

Depending on your position, you may want to raise with your low (but not always). If you're in early position, you might as well bet. If you do, there's a slight chance that everybody will fold at the river because they were chasing one hand or another and missed. If this happens, you'll scoop the pot uncontested. If you do bet from early position and get raised, I prefer not to reraise until the river. There's no need to scare away other players in the pot who may increase your winnings. If you do get raised from late position, check-call the turn, then go ahead and bet the river. There's a chance the intermediate players will call, and your other opponent who has the high will probably raise...giving you another chance to re-raise and possibly bring along the other players' calls as well. If you end up head's up with a player, there is no need to re-raise with your nut low. Your hand isn't going to scoop this pot, so re-raising head's up is a bad play that only serves to give more rake to the house.

AAAK (Suited)
Just as I was typing this blog entry, I was dealt this exact hand: AAAK suited on the button.

The same holds true for this hand, as AAA2 suited. If in early position I’d raise with this hand to thin the field – but if in late position with many callers, don’t raise because the potential for losing with this hand will be too high.

Of the three hands I’ve listed above, this hand is the most dangerous. The potential to crack aces is high; but this hand still has high, straight, and flush potential. But remember, when more players are in the pot, a single pair of aces won’t likely hold up. So unless you flop a flush or straight draw, it’s probably time to immediately abandon this hand.

IN my case, here's how I actually played this hand.

I had noticed the under-the-gun player was very loose and especially bad, and had just raised. The action was then folded to me on the button. Knowing that my aces can play very well against a single opponent, I three-bet to freeze out the small and big blinds. It worked like a charm, and they folded. However, my opponent closed the action by capping it. At this point, I’m wondering what type of hand does he have that he thinks is so good. The most obvious answer is a hand like A23x, A24x, suited, etc.

The flop was perfect for me: J72 of hearts. Bingo, I hit my flush with no low present (in fact, the deuce may have already counterfeited his low draw). But my opponent couldn’t help himself and continued the bluff by betting anyways. He didn’t just bet; we capped the betting on the flop.

Turn and the river did bring some low cards unfortunately. We kept betting and betting until he was all-in. When the hand was over, I was shocked by the hand my opponent turned over. I showed the nut flush, and he showed QJ56 to make an emergency 24567 low. The definition of a RAISING hand from early position, had just reached a new low.