Well if you are not ugly c: jk do it!

Depends on what game, what recordingprogram, and what editing program...

For the editing I'm using Sony Vegas pro 10 myself, but it's not perfect. It's easy to edit videos in, and you can render in 1080p if you want to. The downside with HQ is the renderingtime. I usually use almost 2 hours to render a 20 min video while working on my computer beside rendering. You might also experience black screens too. But I use to save and reopen a project before rendering to avoid that.
For the recording, fraps works for games, but not cam. But if you got a paid account on Xsplit, I guess you could set up your cam where you want on the screen while recording the game If not, you could try to use the program you got with your cam (IF you got one, but I'm guessing you did). If not, I suggest trying to google for something (I use either my laptop beside me, or the program to my cam).
As another option for the cam, you could try to record it with xsplit too, and record the game with fraps. Then you just use a editingprogram to edit the camsize and put it on top of the gameplayvideo
I'm not a pro in making videos, but I hope this helped

You can also simply use Windows Movie Maker to record your cam. That is what I use to record my facecam and I know that is what Pewdie uses as well.

i myself am using Fraps to record game footage and NCH soft Debut to record my face and voice its always good to separate game sound and your voice when you record so that you can easilly turn up or down on either your voice or the game sounds so that it is easier to hear you hope this helped.
Also i use Adobe Premiere pro to edit my recordings

I use windows live movie maker to record webcam, use fraps to record gameplay and then sony vegas to make the video. The only pain with all this is having the start recording the webcam beforehand and having to align the sound up so its in sync with the gameplay!

Facecam is definitely worth it, depending on your reactions can make a scary game video 10x better!

Seems like issue has been resolved, therefore, closed.