Definitely raise. It gives you more ways to win the pot, and its much easier to get to showdown with a middling pair like 88 against one opponent rather than three or four. Lets say you make it 5BB, everyone behind you fold, original limper fold, and the other limper call. Now you are heads up against just one player, and even when the board has overcards, you are going to be able to play pretty well in position.
If the flop comes J74, maybe you bet the flop for value and protection and check back turn for potcontrol, then make a decision if he bets the river. Or if the flop is really bad like AKJ, then you just give up and dont lose any more. Or sometimes the opponent will play really passive, and it checks all the way to showdown, where you beat his 44 or his 75s.