Fraps automatically slows down the game according to whatever setting you pick. Depending on your output format you could choose an appropriate FPS setting.
Keep in mind that you need higher FPS to introduce slow-motion effects without stuttering / keyframish blurryness.
Recorded tracks often play back smoother than live gameplay by the way.
I'd recommend this: Play with optimal game performance and record a track. Then bump up the settings so that it looks nice and record from the track. It'll play back smoother and if you get stuttering or whatever you can edit it out - much better than crashing into the ground because of a freeze.
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