Use Gspot to determine the used codecs, but both Fraps and Photosmart are bound to give trouble. You may be better off with either a consumer application or a decent VIDEO camera.
1 - search the forum for fraps - many problems, few successes
2 - what CODEC is used for your Photosmart M537 Camera?
If that is a STILL camera which has a video mode, you most likely need to convert to DV AVI type 2 with 16bit 48khz sound
A link with many ideas about computer setup http://forums.adobe.com/thread/436215?tstart=0
Many of the ideas at the next link are generic enough they have helped some Non-Premiere users fix problems
Work through all of the steps (ideas) listed at http://ppro.wikia.com/wiki/Troubleshooting
If your problem isn't fixed after you follow all of the steps, report back with the DETAILS asked for in the questions at the end of the troubleshooting link
There are many thread on Fraps footage, with almost as many solutions for using that footage. I'd do a Search of this forum, on the word "Fraps," and read those. Many solutions.