Is this computer any good for gaming and recording with fraps?

Most of those specs look good. My only suggestion would be to spend a little extra for the Caviar Black instead of the Caviar Blue. The extra speed will likely come in handy when dealing with the giant video files that Fraps creates. Note, however, that Caviar Blacks are a bit louder and more power-hungry than Blues, in case either of those things is a problem (seems unlikely, given your other choices).