Very Good Free Lossless/Lossy Video Encoding For Editing on Windows 7 (regarding fraps recordings) I am looking for a very good method to encode video recorded with fraps in 1080p into an intermediate format which I can edit in Avid Studio. Most video files load up into Avid, as far as I know, but Fraps recordings isn't one of them (on my computer at least). So I'm here to ask if anyone here knows of a guide, or is willing to write one as an answer on how to do that. 

Assume that I have no previous codecs installed apart from the included ones with windows 7 home premium.

My problem, if anyone is interested, is that when I load fraps videos into avid, I get audio, but no video. I don't know much about video editing or encoding, only what I have learned in the past 2 weeks. Please feel free to link me to websites with required theory(I will read it), but I'm really just looking for a tutorial right now.
You want to use VirtualDub to convert your FRAPS files. Just drag the clip into the window, select video from the top menu -> compression. Change the codec to Avid AVI Codec 2.0d2 and then configure it to your desired resolution. BAM! The outputted files should work.

You can also try MediaCoder and XVid