Ill post my complete system specs as soon as I get home tonight;
Win 7 64 bit
Primary HDD: Samsung SSD (Windows FRAPS and MWO installed here)
Secondary HDD: WD Green HDD with 2 GB (FRAPS videos are set to record to this HDD)
RAM: 8GB DDR3
GPU: HD 7850
CPU i5 4570
I used to be able to record with just about 60 PFS a few weeks ago, but not any more. There is enough space on the recording HDD, it is defragmented enough not to need it at the moment (1 or 2%), there are no faulty sectors.
One problem I have found which may cause it is the CPU driver may be installed multiple times which I cant understand. If I rightclick on the AMD windows process (bottom right where all the active processes are listed), it showed the Graphics card 4 times (2 times is normal from what Ive read)
What I have tried to alleviate this is to download the newest drivers from the AMD page as well as a driver cleaner to my desktop. Then I deinstalled all AMD drivers from the Windows hardware panel, ran teh driver cleaner, restarted windows, ran the driver cleaner again, restarted once again and installed the AMD drivers I had already downloaded....
After all this it seems I have the damn videocard installed again ontop of the older installs (shows the videocard 6 times instead of 4 times now

The strange thing is that only FRAPS seems to be affected by the FPS drops. There are no FPS drops in any of the games I play as long as FRAPS is not running or it is only loaded but not recording.