Take a look at wegame its free but you would have to do a mic recording on a separate audio file due to the fact that it wont record from mic as far as I know, after that just combine them in some video editor.
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Prometheus was punished by the gods for giving the gift of Knowledge to man. He was cast into the bowels of the earth and pecked by birds. - Portal 2
Camtasia is what I use. It works very well and will let you edit what you record as part of the program. It is free for 30 days, then you can get it by whatever means necessary. Really, I think its the best.
I tried wegame before, I had allot of problems with it. Once in a while a video might magically vanish and it's only compatible with certain games. If your only doing minecraft and they support minecraft then wegame would be a good choice (if it likes you).
I personally use fraps, yes it costs money and on some computers can be a CPU hog, but the quality is great on it. I use it with the latest version of windows movie maker and I still get 1080 HD videos.
Webcammax has a recording option on it (I haven't tried it yet so I don't really know what the quality is) The free version pretty much comes with everything except it dose have a watermark on the top of the screen. There is also Camstudio if you can get the settings right then it is nice + it's free. Then there's hypercam... no idea why I'm putting it here... avoid it.