The problems you're experiencing could be any of a number of things, but it's hard to tell based on what you've written.
After Effects is a very powerful program, but that means that it's also very complicated. It also means that it has its own way of talking about things. Using the right term for the right thing is vital.
To start you in the right direction, go here: Getting started with After Effects. That is a set of resources that ill get you going as quickly as possible with as little frustration as possible.
I have a clip that my friend recorded using fraps, he used it to record a game he was playing. The video was recorded in 30 fps and under (mostly 30), but the clip is at a very high pace and it looks like it's speed is double. When i change the fps in After effects to 60 and watch the clip it runs at the a normal speed and what the speed was when he was recording, of course this is (Not realtime. as displayed in the top right). When i'm done editing and i render and export it the clip comes out at the same speed before editing (high paced looking like double speed). Is it possible to slow down this clip to normal speed even though it was taken in 30 fps? Am i missing something? If i need to clear anything up or if you do not understand what i am saying please ask so i can clarify.
We see many gamers trying to use AE so you might try searching the forum for their similar issues.
I have no idea what fraps is or how it works but real video, depending on the format and codec, is always locked to a specific frame rate. Game systems can apparently vary frame rate delivery to a monitor, dunno, I don't play video games on my Mac. Your clip may have been recorded at 30fps but you have not specified the codec fraps uses so I'm guessing AE, in transcoding from your recording codec to a editing codec, is affecting the displayed frame rate. If AE plays your video at normal speed in a 60fps comp and double speed at 30fps, there are 60 frames in a second of screen time, regardless of what your recording says the frame rate is. You may have converted interlaced video fields to full frames which would double the number of frames. It's all quite confusing.
Try converting your fraps video to a more conventional, frame-based editing format before entering AE. As Szalam says, AE is big, really big.