Saw that just now, let's spread some love
Recording:
If you own a Geforce card, then use Shadowplay.
If Shadowplay is not an option, then there are enough alternatives.
The big names for sure are Fraps and DxTory.
I personally am a DxTory user but it had let me down in several occasions (hook conflict in pCars, rF2 doesn't render the overlay correctly, Just Cause 2 crashes because of the overlay ...)
But Fraps ... well, didn't like it 5 years ago, still don't like it. It has just too much impact on my gaming.
I don't know what you're aiming at, but if you want to record your voice too, you will want that as a seperate audio track to be able to manipulate audiolevels afterwards or edit footage and commentary seperately. DxTory records your mic on a seperate audio track, if that's not an option than using audio software like Audacity or Gold Wave is the way to go.
Editing:
I am using Sony's Movie Studio 12 Platinum.
It has pretty much everything Sony Vegas has but only costs around 30$ for version 12.
The only missing things are 3D alpha and complex masks, but those are just used for very special videos, usually not found in race coverage. Ah yes, and only 1080p support.
But there are even free alternatives to be found on the internet.
Hope i could help a little.