Im using Fraps to record myself doing stuff in SRO but when I view it in WIndow media player or something the recording is not smooth and like plays and lags and plays. I have a Intel Pentium 4 HT 2.8 ghz processor, maybe its my graphics card. I only have a very old GeForce 4 Ti 4200
Frame rate isn't too low, it's too high. Your graphics card can't handle it. Illumi's suggestion should help. Actually, half resolution may or may not help the problem. But anyway when you record at a certain fps, FRAPS tries to force the game to play at that FPS. If you have a questionable video card there's no way you can sustain 100 FPS reliably while recording.
Ok, I ran Fraps and looked at my Fps without recording. Its about 25-30. SO i set Fraps recording FPS to 30 and recording was quite smooth with only 1 or 2 lags. I think I need to have Sync off then it would be uber.