There are a lot of different versions of "multivalued" logic. One that has been studied quite a lot recently is known as "continuous first-order logic". This logic takes truth values in [0, 1] instead of {T, F}, and has structures that are based on (complete) metric spaces rather than just sets. The interesting thing about this logic is that a lot of the theorems from classical model theory carry over to the continuous setting (though often with trickier proofs).
The standard reference for this logic is http://math.univ-lyon1.fr/~begnac/articles/mtfms.pdf. It's not really aimed at undergraduate readers, but if you have some background in first-order model theory (and a bit of real analysis) you will probably be able to get a reasonable idea of what is going on. The approach in that paper is entirely semantic (there is a proof theory for this logic, but the model theory was developed first).