You guys are missing the major problem with fraps. Its rapes your hard drive.
I record with fraps at a steady 40-60 fps in game dependign on the map and how crazy the fight is.
I have an AMD64 3500, X800XL pci-e, and 2 gigs of ram.
The secret, is recording your files to a secondary hard drive. I have a 120 gig sata as my main, but record to my second 40 gig ata. Makes a diffrence. Never record to the hard drive that is doing all the work in the first place.
Record at 800x600, half screen, graphics on med, sound off and to a second hard drive and if oyu have specs any where like mine you should get 40-60 fps while filming.
And make sure you have the latest version of fraps. All the other ones sucked until the last one, then I could actually farm noobs without getting owned by .2 FPS.