Xzin, I am missing the point a bit here. Lets assume for a moment you had the cropping, encoding and stroage problems solved.

What about playback? Are you considering to cut a movie together from the different cams, giving you more raw footage, but a regular single view at a time output, or are you renting 360 degree cinemas for all those who want to watch your clips? :wink:

Since Fraps creates a new file every 4GB and does not really cost much performance when dumping these files, maybe an easy solution would be to run fraps and then run an encoder that converts these files as per your choice and deletes the temporary fraps dump?