Well, often the other players try to get the character raised.
If that's not an option or the dead PCs player doesn't want to be raised, the player usually makes a new character one level lower than his old character, or one level lower than the party average (whichever is higher).
This is to keep PCs who die a lot from falling into a vicious circle of dying, and then coming back at progressively lower levels which cause them to die again, and on, and on.