How to Convert Fraps footage to Sony Vegas compatible Video?

Fraps is fine for capture videos with AVI file extension, but it has always been a problematic format to edit on NLEs. In other words, the Fraps AVI videos are not ideal for editing in Sony Vegas Pro (Vegas Pro 13 included). In order to fix these issues, the easy and effective workaround is to transcode Fraps AVI files to a Sony Vegas more friendly MPEG-2 format. In this case, a professional third-party program is desperately required for you!
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