Well to be honest if you got the space then fraps is just fine unless your PC is not so good then fraps has a higher impact on frame rates than other recording software but lets assume that
a. you have a decent amount of space to store vids
b. you PC is relatively decent
Then fraps would be the best and as soon as you download it from the internet ("borrow" it from the internet if you get me
)
all you would have to do is edit what button you want to be hitting to record and also at what frame rate you wanna record at.
Then you can do a test video and see if it all checks out (96%) chance it will be all fine on first run and resolution etc is good. If not then time to ask google or write here. Also test how the sound is recorded e.g can you hear ts/mumble and ingame etc etc.
As for editing then 100% use sony vegas 11 pro (again you will have to "borrow" it). Its best editing software imo and just great. When you start out it may look daunting but trust me once you get used to it its so much worth it. Especially all the cool stuff you can do and if you wanna make any type of effects you can google it or youtube. For all my effects in videos and stuff there was always a youtube vid on it. Speeding/cutting/splitting is all easily done and once you get the basics it will look very professional.
Problems that may occur. (Read this after you have tried to render a vid and something is wrong. here are the 2 usual problems that i will write about now. If you rendered vid just fine and it all looks good then do not worry and do not change anything but if problems do occur then read on. If they dont then skip the next 2 paragraphs)
One problem with using fraps/sony vegas11 combo was when i would render vid it would come out "dark" but all i had to do was click on where the video is. Open up the video track FX and find "sony levels" then i changed it from default to "computer RGB to studio RGB". I had this problem on 2 separate PCs so yeah. You will have to change this for every vid edit.
Also when rendering make sure you have un-checked the "render loop region only" and also when you chose to render video in whatever you wanna do it in make sure you customize template. If you have dedicated graphics card make sure you render with CPU only cause if you do it with GPU problems may occur atleast with the GTX 770 then it would not render. If you just got laptop or w/e then the defaults should be fine.
Anyway it looks daunting but once you get used to it its really cool. Everytime i edit up a video i learn new cool tricks and edits i can do.