I have a 250 gb external hard drive

However, a quick how-to to change fraps to .wmv would be appreciated. Er....how would one go about doing that? Unless its as simple as importing into Windows Movie Maker and just publishing it in another format....

And Swiss Knight, I do plan to make somewhat of a story line here (so far as music videos or trailers without voice overs have story lines). And not to Requiem

Fraps to WMV is easy, getting 1024x768 and other resolutions takes a couple of easy steps. 

Windows Live Movie Maker 2011 (build for me is 15.4.3538.0513) -I use Win 7 Ultimate

Open it, drag fraps avi file to WLMM, click top left icon (save options, opening stuff, etc...), save movie... now go to "Create Custom Setting".

Setting: 1024x768 Fraps

Name: Fraps Convert

Video Settings

Width: 1024
Height: 768
Bit Rate: 6000 to 18000
Frame Rate: 30

Audio Settings

128 kbps, 48kHz, stereo [to] 256 kbps, 48kHz, stereo.  [higher the kbps, the larger the file]

**Now save**

You can easily convert large Fraps AVI files to more manageable sizes.  Above settings -with 128 kbps, 48kHz, stereo generate 43.83 MB per minute of video.

you gotta remember, you're gonna need a server people can upload to and I hope you have really good security or are you going to count on people using something like dropbox?