hmm that's weird, if windows recognizes it as local drive it should go to the bin.
are you sure your recycle bin isn't overfilled or the fraps file isn't too big for recycle bin? If it's too big it will delete it permanently right away once you click yes in the dialog box that pops up.
what os are you running? in xp recycle bin could get corrupted sometimes then you wouldn't be able to see deleted files inside it