No matter what you think, you do not actually want RE5 on steam. The axis controlls make it unplayable. Vertical is WAY too sensitive, and horizontal move about as well as a dead horse in water. So if you try to look left 3 inches, you'll look up about ten feet and suddenly be checking out Chris's ass.

http://gbxforums.gearboxsoftware.com/showthread.php?t=87370
try this thread, apart from this there is nothing else about fraps, if its not working with the settings youve tried you might need to change some settings in borderlands to actually make it smoother and run better, try changing the resolution and tweak the other settings apart from that mate theres nothing else i can find at the moment but try camtasia or hypercam they might work, ill let ya know if i find anything else out

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