Well I have tried quite a few programs/solutions.
OK. Glanced at some of the posts and I likely at this point am not adding much but....
For recording:
I recommend fraps. I have never had issues recording something with it. That being said, its very CPU dependent. So if you don't have a really nice CPU you may have a low FPS while recording which is a bad thing. Another down side to FRAPS is you need (IMO) a dedicated Hard Drive to store its video files on. They can be huge. Very good video quality, but huge. If you have a spare 500GB drive like I do then you should be fine.
For NVIDA You could use shadowplay, which many people use (no experence with it myself). If you have AMD there is Raptr which is their answer to shadowplay. I have played with that a bit and I hardly notice an FPS hit to my games while recording. Maybe a few frames (as in 1-3) but thats it. Down side, is with Raptr I have audio sync issues with my mic. From my searching its a known bug, so you may have to use audacity to record your mic, separate from the video and game sounds.
One of my friends started streaming reciently, and swares by OBS now. It is free so you may want to check it out. Ive done a bit of playing with it myself but am not sure one way or the other if I really like it or not. One thing I can point out though, is that I didn't take as big a hit to FPS as fraps, but it was more noticeable then Raptr.
As far as other programs I have used, there isn't much to recomend. I've used Hypercam, Camstudio, and other "Freeware" and "Shareware" recorders but none of them ever preformed very well, or in some cases worked at all. I recommend staying away from such programs to avoid a lot of headaches.
For Editing:
If your using Windows, then Windows Movie Maker will work well. I suggest finding and downloading the Old version though, as it has many more features and is more flexible then the new version. I also will note that with my hardware, for some reason the new version of Movie Maker will cause audio sync issues.
My current program of choice is Sony Movie Studio. I picked it up on sale from newegg.com. So far I like using it. It has more options then Movie Maker and is easy enough to pick up and start learning.
I can't recommend Sony Vegas though I know its what the "Pro's" use. The reason being I've never used it, and it can be cost prohibitive.
Lastly I have also used OpenShot on my Linux Laptop with good results. Its free like Movie Maker, but is for linux.
OK Hope this was a helpful overview of your options. If you have any specific questions on this stuff, let me know and I will answer you to the best of my ability.