Okay, people, way too many misconceptions about FRAPS here.
FRAPS is not limiting the framerate of what you're recording, it's only limiting the framerate of the video files it creates. The reason things are going so slow when you record is simply strain on the CPU or video card. Emulation itself is complex and can be pretty intensive on both those things, so it's no surprise that if you try to record the audio and visual information from the emulator simultaneously there will be a slowdown.
True, it's not much more complex to capture from an emulator, it's just grabbing the video info. But the power needed to render that stuff at all is what's so taxing.