I like a Ace rag suited, especially A5 and below, in no limit holdem. You can play those hands with profit as long as you are aware of the dangers and have the discipline to muck when the signs are that you are beat. The dangers or Ace rag are of course that you will flop an Ace and then pay off a better kicker. So when I play with Ace rag and hit an Ace, I make sure I find out "where I am at" early on in the hand. I can't give you any set guidelines for when to play it to the river and when to muck, since that is very hand specific, but here are two general factors; one, are you the bettor; two, do you have position over your opponent. With Ace rag, I'm looking to either win a small pot by just betting into an Ace high flop or I'm looking for a trapping hand where I might catch two pair against someone slow playing a big Ace. Also, you could catch a flush draw and an overcard that would be worth wagering a lot with. I consider no limit holdem a game of trapping and not just waiting for AA or KK. Ace rag has a number of ways of hitting big hands so I do think you can play it with good results.
PKRBABY
Ace Rag Suited 
