[John Habbered] "Your good, yes Fraps!"
Yea, I've read about people having problems editing and rendering FRAPS in Vegas. You might want to try converting the footage to Motion-JPEG video with PCM audio in a tool like AviDemux and then substituting that video for the FRAPS source in your project and see if that renders fine. Just move the FRAPS files to a safe folder on your hard drive and move the M-JPEG footage in it's place and then open the project.
Here are the settings you would us in AviDemux:
~jr
http://www.johnrofrano.com
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