Commentary videos

You can use MSI Afterburner, it's free and it records just as well as fraps

Dxtory, best software. Check youtube for good settings.

HD PVR Hauppauge its simple to setup and is for console games (even comes with software for recording for it easily). You need a good mic for pc also and as for recording said commentary but if you're on a budget and already have a turtle beach or something you can use that for the time being.

If you're seriously thinking about HQ console recording, commentary + editing, there's no free solutions - you needvideo capture hardware - soft you can pirate ofc, but you cannot pirate hardware.