I've been playing around with
MSI afterbuner. It's great for keeping an eye on GPU temps. Not only can it record graphs for later review but it can display GPU data such as temp, fan speed, clock speedz, GPU load and framerates on screen in the game. It can also auto adjust fan speeds as temps rise(something the default auto fan control of the ATI drivers does not do.) I can keep my 5870 around 50C running the fan at 50%. If I run it at the stock 20% the card tops 65C and pushes 70.

The fan teaks save me from buying a new GPU cooler. Another nice feature is it can record video. No for fraps.

Although it does not record sound(at least I have not found away to do that yet)
I just wish it monitored CPUs as well.