Yes you do - the more banter in race, the better!
As for recordings, FRAPS is the way to go. As I now used a headset for gaming (my new speakers went to the TV instead, they are that good) I have both voice and game coming out the same source, hence why my recordings have everyone's nonsense going on.
As for settings with FRAPS, F1 2011 is really good to record without a reduction in FPS:
1. Set frame rate to either 50FPS or 60FPS.
2. Set the video to half-size, unless you have a really fast computer
3. Record!
I could do full size with my 6950, but now I am back on my 4870 I've had to go half (CPU is a core i5 750, so a few years old too!). Still, not a single frame drop with these settings - don't even realise I'm recording when racing!