First Let's Play Recording

Hi, some of my friends and I recently started a YouTube channel (MercuryGaming00) to record PC and Flash games together. I was wondering what your recommendations would be for recording software, both video and audio. It has to be free, and not such a total resource hog. We plan on doing live commentary, so I was wondering how I should go about recording both my gameplay and my voice. My strongest option right now seems to be CamStudio. I know it is somewhat low quality but I don't really need an HD or other high-quality software. I thought about using my iPhone or a camcorder, but the sound pickup is pretty bad and the visual quality is low as well. So I just need some help deciding what free recording software I should download to record my gameplay and my commentary (preferably at the same time). Any tips, both on the reocrding or just LPing in general, would be greatly appreciated.

Get Fraps of TPB until you can afford to pay for it. Use Audacity (free) to record your voice or you can use the inbuilt Fraps settings to record your voice as well but at a lower quality. I'd recommend getting a slightly decent mic (I have a Blue Snowball that cost me £40). Also you'll need a decent PC to be able to record and play with good fps.