I haven't used fraps for a year or so, but as far as i'm aware you can take screenshots and record gameplay as much as you want for free without being pressured into paying.
Oh yeah, that's another restriction I forgot about: recording gameplay is limited to 30 seconds in the free version, although given the amount of space taken up and the number of times I accidentally hit the "record" key before finally disabling it, this is probably a useful feature as far as I'm concerned!