Did you set fraps to record at full resolution(full size)?
Sometimes the video bandwidth(due to the low level of compression. Almost 4gigabytes for 1:17 second of 1920 x 1200 video) is so much for the hard drive(more so if you have fragmentation). In this case, playing the file 2 times may improve the performance on the second run. If you have a SSD, copy the file to it and try playback again.
Having a drive dedicated to fraps can help performance of both recording and playback because fragmentation is limited.
With your video editor of choice, compress your fraps video to another format. the smaller file size will make it more easy for the hard drive to keep up.