Although FRAPS isn't the best source format for video in Premiere Elements, some folks at Elements Village have come up with a workflow that seems to work pretty well.
Key elements are:
1) The FRAPS software must be installed on the same machine you're editing your video on
2) ffdshow should also be installed
3) It is best to down-sample your video in FRAPS to 1280x720 at 30 fps before you bring it into Premiere Elements
4) Output the video from FRAPS using the Huffyuv codec
5) Edit it in a Premiere Elements project set up for Flip Mino HD 30 (although, in a pinch, it may also work in a project set up for AVCHD Lite 1280x720p)