Fraps software (version 3.5.99) is a popular tool for recording gameplay, capturing screenshots, and benchmarking performance. Its key features include the ability to record audio and video in high-quality formats, display real-time FPS (frames per second) during gameplay, and customize hotkeys for easy access to its functions. Additionally, Fraps allows users to analyze and compare their system's performance over time, making it a valuable tool for gamers and PC enthusiasts alike.