If you’ve tried recording a video with Fraps but found the audio quality of your microphone input to be lacking, it’s pretty easy to fix. Watch my video to see how, or do this:
Right click your speaker icon.
Click Recording devices
Right click your microphone, click Properties
Go to the Advanced tab
In the Default Format dropdown, select any quality listed that is higher than CD quality.
Your microphone recordings ought to sound much better now.
Note that any applications that are using the sound card when you make this change might crash, or otherwise misbehave, but usually all that needs to be done is to close them and start them back up.