Well the max resolution is really quite high and the maximum FPS is 120. There is also a option to record it on the resolution your are playing and to record at half the resolution. On some recording I have currently it is a 2.84 GB file for 2 minutes and 22 seconds at 720p, so I am guessing you will have a really high file size for anything else.
That's not how Fraps works. You don't "set" a resolution, it's either the full resolution of the game being recorded or half the "full size" resolution. Again, what games do you want to record and what resolution do you plan on recording at? Your question isn't answerable because every game is different, there's no set values that Fraps uses for each game.
If you want to test it before purchasing the full version, download the trial version from the Fraps site here: http://www.fraps.com/download.php. This version is limited to 30 seconds of footage and has a watermark, but allows you to test the program before purchasing.
@deardevildude19 Even though 120fps is the maximum, just assume the maximum is 60fps, since you gain nothing from going above 60fps. And it's all game/graphic quality dependent (some games are graphically simpler to record than others).