ram, not a bad fold on that second hand. I probably 3bet shove on the flop, unless villain is EXTREMELY tight/nitty and then I maybe worry about being outckicked by something like A2s -- but as you said he was loose. The 5 on the turn is just about the worst card to see here. Since you open minraised pre, the blinds could have any sort of A5s or 65s something of that nature -- so I think fold on turn against a massive overbet like that is fine.
With respect to the first hand...
As I said I watched this guy in other hands prior to ours and he was opening up with every suited connectors and gap connectors. His hand on the turn reaked of a straight and that's why I folded Dreams of Tragedy. He had 40,20 or something stats. Quite loose anyway.
You said that 45 was in his range, and it probably was. But what else would he shove with here? Of the things that you crush, probably any two pair or an overpair. The things that have you crushed are bigger sets and 45. If you plug in the values in pokerstove where villain has 66+, and any suited connectors that make two pair or the straight you have 73%
equity here. So don't fold your set in this spot, and probably play it more aggressively on the flop unless villain shows he 3bets a ton and maybe then will fold to a 4bet.
as for terminology:
trips = two community cards plus one of your hole cards makes 3 of a kind.
ie. you hold AQ and board comes Q Q 5
set = one community card plus your pocket pair hole cards makes 3 of a kind.
ie. you hold 88 and board comes 8 A 7
