The Meaning of Life, the Universe, and Everything.
Recorder of choice: Open Brodcaster Software. Yes, this is what a majority of people use to livestream to twitch and justin.tv. It has loads of options and I've not seen any impact FPS wise when recording.
As for editing, if you have an OS > windows vista, Windows movie maker isn't that bad. Do not export with "Youtube" as an option though. Export as HD then follow to half your upload time. It works by re-exporting your video with a lower audio bit-rate (Does not effect sound quality) and a few more file compression options.