Well, fraps records a raw file, which is WAY too much for you to be uploading.
You need to either download a program that can render like VirtualDub or use an editing program like Sony Vegas to render it.

Rendering takes a short while, depending on the size of the file and your processor speed, but a rendered file will typically retain the quality
but compress the file size down to about 10-25% of what FRAPS originally had it.

I render mine in Sony Vegas as AVC codec .Mp4 files and they typically take about 10-15 minutes to upload to YouTube for a 10min video.

Use Windows Movie Maker / Windows Live Movie Maker.
How to do it:
1. Add your video
2. Save the movie.. when you save the movie you will be asked for the quality of the video that you want to save.
3. Set the quality of the video

As another way to help, you can set Fraps to film at "half size", which is even better with a rendering program, since you can resize the video in the editing process, yet not have the raw files take up as much space.