Hey guys. I'm looking for a video capture software that can record in high enough fidelity to show mild but persistent screen tearing and similar issues. Can FRAPS do this or should I be looking elsewhere?

Erm, not really - it'll lock to whatever the max frame rate is of the monitor, even if you set the recording frame rate as 120, the file will be 120, but it will not record in excess of the output monitor as it is frame grabbing from the video buffer. All frame capture/screen capture software does this iirc.

try fraps, it's good and free

Mirillis action http://mirillis.com/en/products/action.html

is screen tearing even recordable? far as i know you cant recording something that is happening from desync of gpu to monitor framerate. short of the tearing not being cause by the desync