There was a bigger update released in late April, which added support for large AVI movie files above 4GB on NTFS drives and fixed a handful of issues. It should also be noted that as of Fraps 3.5.0, new system requirements include a CPU with SSE2 (Pentium 4 and above) and Windows XP or above, with Windows 2000 no longer being supported.
Fraps is free to download and use, though the au gratis version limits video capturing to 30 seconds, adds watermarks to videos, and saves screenshots to BMP files only. The $37 paid version removes the time limit and watermarks, and allows you to save screenshots directly to JPG, PNG, and TGA file formats.
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