Here is what I currently know about Fraps v2 (v1 is supported by FFmpeg):
- all data is stored in 32-bit little-endian words
 - first word indicates codec version and flag 0x8000000 – delta frame
 - second word is zero
 - next word is ‘FPSx’ magic
 - next three words are offsets in frame (from position 8) to packed YUV planes
 - each plane starts with 256 words – frequencies for each possible value
 - the rest of data is bits packed in words
 - each bit looks like an input to state machine which outputs pair (value, skip) and changes its internal state
 - the rest is still needs to be figured out
 
What do you make of the fact that the binary Win32 Fraps codec claims that it seems a Pentium III or better CPU?
It uses SSE for such things as memset(), memcpy() yuv2rgb and a lot of prefetches.