If I was to make a guess here I would theorize it's your
SLI setup that's causing it. Or Vista in general . . lol
Though chaulootz seems to be running it on Vista. Albeit
on the 64-bit version. Though he is running on a single
gfx board.

What version of Fraps are you running ? I think 2.9.4 is
the latest release.

Would be curious to hear if anyone is running Fraps without issue using SLI under 32-Bit Vista.