Ideally I would like to upload the video to youtube but unfortunately the file size is way too big.
Are there any video converts that will compress this file down?
Secondly, will the youtube player be able to handle 16:10 video ratios in it's new wide screen player? Will there be black lines above etc...
Yes the files that come out of fraps are largely uncompressed for editing and whatnot.
http://lifehacker.com/5058888/five-best-media-converters
HandBreak and MediaCoder are both great easy to use converters.
Heres some rough stats that I found to use
MPEG-4:
Video codec: h.264
Video bitrate: at least 2 Mbps preferred; 500 kbps minimum
Audio codec: AAC
Audio bitrate: at least 128 kbps
Yes the youtube player will be able to handle 16:10 just fine, There will be small black bars on the top/bottom.