Either you are serious about gaming or about NLE. The two don't mix very well as you discovered. Either use a gaming machine with consumer oriented NLE's like WMM or Elements and use Fraps as well, or get serious about editing when using PP. I FEAR they will never mix comfortably.
I have to chime in with Harm on this one. Best to keep your gaming rig and editing rig separate.
I doubt that CS4 handles this particular byte identifier now (maybe it did in the past). Why on earth did you record using that in the first place? When recording wave data, always play it safe and use the standard "Windows PCM" wav format. It will playback on just about anything. I doubt there are very many video/audio players on the market, software or hardware, that can recognize araw files.