I've just recorded a Let's Play of the new Dragonborn DLC using Fraps for footage and game audio and Audacity for my mic. I just realised how much of a pain in the backside it is to sync the audio of the mic to the audio of the video in the video editor to minimise the echo effect (so things like mouse clicks correspond to what happens in-game).
Is there any way I can eliminate this syncing nonsense?

Um, yes. Just tick the box in FRAPS that tells it to capture audio from your mic too.