Try out xsplit. It also lets you stream. Right now I think it might still be in beta (free) but it will cost in the future and it might be subscription type or something. U can get a 2 year sub for 40 bucks with a beta account.
My friend tested out xsplit while I watched him stream. You really need to hook up some sound program to get proper sound while streaming thru xsplit cause the sound quality was horrible.
Bandicam is really good. It has similar capabilities and should be faster than FRAPS. Free version adds watermark, but allows up to 10 minutes of recording.
Camstudio is a great, free program for doing exactly what you want. It might take a bit to get the right recording settings, but by far the effort is worth it.
Intensity Pro by Blackmagic Design is the first HDMI and analog video fully comprehensive PCIe capture card for true 1920 x 1080 editing for both PC/Mac taking you beyond the limits of HDV.
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You might want to consider getting a capture card for recording High Quality HD video captures of your game. Of course, the downfall is that you will need to get yourself another computer, but I don't know your exact situation. I use the Blackmagic Intensity Pro for work and highly recommend it!
I highly recommend Dxtory, it is much much better than fraps because of its flexibility, it records multiple audio tracks so its great for commentary, and you can choose what Video codec you can use(I recommend http://lags.leetcode.net/codec.html) if you plan on getting it. It doesn't take up as much resources for your computer as fraps does, so your game will be smoother while you record it, I record all my gameplay with Dxtory (check out my channel to see what the quality is on youtube, heres one of my vids using Dxtory: http://www.youtube.com/watch?v=Ab-1qTtN2X0) hope this answer helps you in your search for a good video recording program.
Also the only main con for Dxtory is that it might not be super easy to use, when I first tried it I found it difficulty to use, but once I learned how to use it I fell in love with it and found it vastly superior to Fraps.
It all depends on your computer though. Fraps is actually very good. If your computer can't handle the recording of fraps and the game itself than you need to upgrade your machine. If fraps lags it than so will any other piece of software.
Protip: You can change the settings in Fraps to record at a lower quality or framerate so the game will run faster.