Premiere Elements is designed primarily to work with camcorder video. Working with non-traditional video like FRAPS can be a bit iffier. It's possible -- but it's not easy. You're working against the grain, and you'll be leaning more heavily on your computer hardware.
What codec are you using to saving your FRAPS video? What dimensions is the video you're recording?
Some Screen Capture discussions... one for Fraps, but may find some other ideas in the other discussions
Jing by Techsmith http://forums.adobe.com/message/3692768
I've tried only using Camcorder files only from now on... The ones in this case are MOD files... These are files that can be renamed as AVI or MPG. I read somewhere that premiere elements had trouble playing such files, and got some patch file to fix it. I also tried converting a bunch of camcorder videos that I had previously renamed to AVI, to MP4. NONE of these files worked in the preview monitor for premiere elements, but unlike the FRAPS files, they actually had sound.
I've been told that it's good to explain certain details of my computer more thoroughly:
Microsoft Windows XP Professional version 2002 service pack 3
Dell Finantial Services
Processor: Pentium[R] 4 CPU 2.8GHz
2.79 GHz, 3.00 GB of RAM
Physical Address extension
MusCVideo 12/25/2007/ driver version 6.1.10103.319
NVIDEA GeForce210 9/27/2009/ driver version 18.104.22.16807
The camcorder I used is a Canon FS300
I also see that it's important to understand codecs... something that never seems entirely clear to me no matter how many times people explain it. I recall looking at the codecs installed on my computer at some point, but I can't remember how to access them, and I really don't know which one I would've used for the MOD, MPG or MP4 video files...
I can see a screenshot of the video when I pause it, but other than that I get a blank white screen when I try to play it in premiere elements. At least the sound is working now.
You really need to know more, so you will know what to do... and what not to do
Read Bill Hunt on a file type as WRAPPER http://forums.adobe.com/thread/440037?tstart=0
What is a CODEC... a Primer http://forums.adobe.com/thread/546811?tstart=0
What CODEC is INSIDE that file? http://forums.adobe.com/thread/440037?tstart=0
Report back with the codec details of your file, use the programs below
For Mac http://mediainfo.massanti.com/
Once you know exactly what it is you are editing, report back with that information... and your project setting, and if there is a red line above the video in the timeline, which indicates a mismatch between video and project
Read Bill Hunt on editing a VOB/MPG file http://forums.adobe.com/thread/464549?tstart=0
Read Hunt on Using MOD/TOD files http://forums.adobe.com/thread/699990?tstart=0