I do use fraps 2.0 currently and will likely purchase 2.5. You can now record at 60 FPS, I wonder if it will record 5.1 too.

The thing to remember is that it's recording as you play so it takes one powerful system to run the program. I have a 2.8 P4 533 FSB with 1GB RDRAM and a 9600 PRO 128 MB Radeon and still can only manage 3 FPS @ 1280 x 960. I have to record at 800 x 600 with all settings on low and still max out at 28 FPS.

I also use Virtual Dub http://www.virtualdub.org/ which is an excellent program for editing, adding effects and converting/compressing video files. Then I put it all together in Windows Movie Maker, time it, add music, add more effects, and then publish.

Later in the year I'll be replacing the mobo in my other case with another 2.8 P4 or higher processor with dual DDR and record movies via hardware. That will give me maximum resolution and sound without compromising framerates.