That sounds about right. I assume that the FRAPS video was not captured at 1280x720 so Vegas has to resize 30 pictures for every 1 second of video. That takes a lot of time. I also see that you have used a Render Quality of "Best". This will double your render time but it might be needed because you are resizing FRAPS video. If you set it to "Good" your renders will be faster but they might not look as good. Toggle it off and see what you think. It might look the same with Best in which case you an cut your render times in half by changing this setting.
~jr
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