XSplit? You guys are being silly. Don't waste money on that bloated piece of shit, get Open Broadcaster Software. It runs MUCH faster (0-5 FPS drop) if you don't have a dedicated video capture card or a separate computer to do your streaming for you, has many of the same features and a similar (but less cluttered) layout, it's open source, and best of all it's completely free.
http://obsproject.com/Should be pretty self-explanatory if you've ever used XSplit, though there's tutorials out there if you're completely new to streaming. Finding a good bitrate for your actual upload is a bit of a chore but the defaults work for most people at 720p.
It's actually a little funny because there was a big uproar in the XSplit forums when OBS came out and basically kicked XSplit's ass, you could see the devs trying their best to bullshit you about the side-by-side comparisonss. Lots of doublespeak trying to con you into believing that you're just imagining the framerate difference or that you've set up XSplit wrong somehow or that framerate doesn't mattter.
Since you're wanting to upload to Youtube rather than stream live though, I recommend setting OBS to record locally. It's still WAY faster than Fraps at the moment and there's no watermarks.
