In other words, without using recording software that runs on the same PC playing the game.
I've tried using FRAPS in the past, but the slight drop in frame rate and control-to-result time creates a disadvantage in the game.
I am looking for a way, other than the obvious (point a video camera at the monitor) of recording what the graphics card is outputting.
I have a separate PC if a solution could be found that requires a second PC's resources to do the recording and encoding.
I am open to answers/solutions that require the spending of money.