No editing program in the world can give you what you are looking for. They all have to cope with the pictures you give them via the AH2 film viewer. You can not change the camera position or angle with a video editing program.
Also, FRAPS is no editing program but a capturing tool you need to transfer your recorded AH2 flight into true films, which can then be edited by programs like Adobe Premiere.
I personally do not use Premiere, but the smaller and much more easily accessible VirtualDub, which happens to be a freeware program.