First off, Fraps is really shit when it comes to the file compression, it creates huge files that in fact should be compressed better without using any quality.
Now I use Bandicam and even when you're recording 40 minutes it takes no more than 6 GB
and i mean 40 minutes of constant game in let's say League of Legends or so.
For Toribash editing the best software would be Adobe After Effects, in which you could do some special effects, slow motion with Twixtor etc. but you need to be pretty fluent in it to make something,
I've never worked on Sony Vegas, so I can't tell whether it is good or bad, but people do nice stuff in it so I believe it is also good
Adobe Premiere Pro is more of a software that should be used not for over all editing, but just merging clips, rendering whole episodes, adding additional music, etc. i guess.
And it is not that hard to sync the music with the hits, it is actually pretty easy, but getting the camera movement in Toribash is harder in fact than editing the whole video ...
Man i could write about it for whole day but that is propably already a wall of text that some people will not read, I'm open to questions tho on PM, or here. But there is the risk I will not be here any more etc. so better PM