'render' might be translational garbage on my part. Sorry - no native english here
. I meant after having imported the avis, added the soundtrack and all editing, you save the project as a film (ie when the WMM creates the wmv file).
"Save as film", on desktop, "optimum file size". For your 2 mins id go for about 15 MB.
I use 'R' as my recording hotkey. Ingame thats mapped to 'combat trim' - its doesnt have any function with the film viewer. I guess any key that doesnt change the view, viewpoint, head position (ie everything besides the F-keys, keypad, arrow and PgUp/Dwn) would work.
F9 is mapped to 'snap view' ingame and also works when watching a film in the viewer, ie every time you start recording, you change view mode to 'snap' and the viewer goes back to default position.
Right click on the avis recorded by fraps, check properties, file info. Mine usually are about 900x700, 30 fps, 12 Bit.