(This is assuming that you are at a final table short handed in a MTT or 3 people left at a STT) I find that short handed play is a time to loosen up and play more
hands. Hands like AQ offsuit and low pocket pairs become much stronger in 3-4 as opposed to a full table. Try to remain fairly tight yet if your low on chips try a preflop or flop raise to pick up an unraised pot of blinds and antes.