Hey :)
i will never suggest fraps, it drops the framerate so much, you can try out Mirillis Action and Dxtory, both are great recorders and they won't impact on your framerate at all. I use Mirillis Action and you have no idea how good it is at its job.
edit: also, i record live while flying and if i get an awesome shot or something interesting happens i save the track so i can record with different camera angles during the action running the track multiple times.
While i record i start editing with softwares like Adobe After Effects for complex editing (maybe intros and stuff) and Sony Vegas to create and compose the final video itself. I often choose a soundtrack and start editing around it, tuning the footage with the track i'm using.
The last step is uploading to youtube, choosing a good title, description and tags.
Al those steps are important and you just need experience, you'll get used to it :thumbup:
Let me know if you have any specific question!