Its very easy to use.
Assign a hot key you want to hit in order to start and stop your video recording.
Select a folder of your choice which your videos are going to be saved.Leave the defaults settings for the rest options.In most of cases you dont have problems.
Start fraps and minimize it.You will notice some yellow numbers appears in your screen(its the Fps).
When you hit the assigned hot key for recording these numbers turn to red which means that you record your flight.Hit your hot key to stop.It will turns back to yellow.
Your saved video needs editing with a program like Windows movie maker(its an XPs program)which you can add effect,music,titles etc.The most important is that WMM turn to mpeg your huge AVI saved video.
Feel free to ask if you have any further questions