I know this has come up before, but i wanted to post something that shows whats needed from start to finish.
Artheas' guide to recording and uploading fights!
This is basically a guide to what i do.
First you'll need to download
1 - FRAPS
2 - VirtualDub (no install required)
3 - FFDShow MPEG-4 (possibly don't need, as it's a decoder, i'm not sure if there's an encoder that comes with it)
4 - LAME ACM MP3 Codec
Install 1, 3 and 4 (right click the .inf, choose install).
Run FRAPS, and configure the settings. Here's what i use:
It's important that 60fps is checked, otherwise you'll have angry opponents during recording.
Start up SF4 and do a test recording. Check that the FPS counter stays at 60 (58+). If the frame rate drops during recording, lower the graphical effects/resolution until there are no frame drops.
My PC is about 4 years old now, and my frame rates are fine during recording, running at 1024x768, all eye candy off.
When recording during an actual match, make sure that when you press the button (F12 in my case) to start recording, the HDD LED on your PC case suddenly becomes constantly lit, showing that FRAPS is writing the file to your hard disk drive.
After you've kicked some ass, press the button again to stop recording.
Some people prefer to record from beginning of first fight to the end of the second, i prefer to separate them. One continuous fight is better though in that you won't forget to press record for the second fight!
Now you should have at least 2 new files in your FRAPS video folder.
Open up VirtualDub.
Go to File->Open Video File
Choose the file containing the start of the fight.
Use the seek bar (1) to make sure you have the file you want.
Now it's quite likely that your video is split into several parts by FRAPS, so attach the following part to your currently open video by going to File -> Append AVI segment. Whatever file you choose will be added to the end of the open file.
If you want to trim off parts of the video, use the buttons at (2) to move frame by frame, or use the seek bar. The first button at (3) is a start marker, the second is an end marker. Use the start marker at the start of the part you wish to cut, and the end marker at the end of the part you want to cut. Press ctrl+x to remove it from your video.
Unless you want your video to remain several Gb in size, you'll need to configure your compression options before you save.
In the menu bar, go to Video, and make sure Full processing mode is selected. Then click Compression, and a window should pop up. Choose ffdshow, and press Configure to the right.
Here are the top, you can select which encoder you want to use. I just stick with the default MPEG-4 - XVID. More important though is the bitrate option.
The default of 900kbps produces crap quality videos, and higher = better. 4096 kbps typically produces a 90MB file for a short fight, and a 150MB file for a long fight.
I'd say don't go lower than 3000kbps, and go as high as you want, as long as you have the line speed/patience to upload the file. Type the bitrate you want into the box.
Click OK, OK.
Now for the audio. In the menu bar, go to Audio, and select Full processing mode. Now select Compression under Audio.
Choose the Lame MP3 encoder, and select the bitrate you want to encode at. 44100Hz, 128/192 kbps, stereo is typical mp3 quality. CD quality is 320kbps.
Click OK.
Almost done with VirtualDub!
Go to File->Save as avi, and enter the filename you wish to save as.
While saving, a box will pop up showing the compression/saving progress. Make sure that the predicted filesize is what you'd expect, otherwise it means the compression options havent been set correctly.
Once that's done, go to youtube or other video site, upload the file, post a link here to the video, and you're done!
(i was about the abandon this post halfway through since it seemed kinda crappy, but i thought i might as well finish the rest since i'd done half of it already. i hope it helps someone

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