Preflop
The way, we should construct our range for getting involved, when someone else have already entered the pot, is to look at the range, we would open from their position, and then get rid of the bottom of that range. In this hand it was an UTG+1 open, and small suited connectors like 76s are not even a raise first in, if it folds to us in that seat.
So even getting involved here is way to loose, if you are trying to play good poker. You have 6 players left to act behind you, who can either take position or squeeze, and this is exactly, what ended up happening. As played I would also fold to the 3-bet, since getting involved now is even less appealing, given that the pot will be very bloated, and the short stack is already committed, so you cant
bluff.
Flop
Often its good to play draws aggressively, but this is not such a situation. A guy is already all-in, and regardless what he has, its almost certainly better than 7 high. So to win this pot you will need to improve, and then you actually want to keep the other players involved, so you can get value from them, after you hopefully make a straight or flush. So I would just check here with intentions to check-call any reasonable bet.
Turn
Given that you have a 12 out draw, you are priced in to call it off here, and in
freerolls "time preservation" is also important. So as played get it in and hope to suck out on him, which unfortunately this time you did not.