Ah, yeah through USB 2 1080p might be a bit much, especially with the enormous amount of writing Fraps requires at that resolution(no on-the-fly encoding). If your tower has an external SATA port, the easiest, and cheapest option would probably just to record to a 7200 HDD through that. If that's not an option, USB 3 or Firewire might be the way to go, depending on which is more readily available to you. Another option, depending on how comfortable you are opening up your computer, is just to grab an internal SATA HDD, and record to that.
I really don't think a SSD is necessary for your "Fraps" drive to record smoothly, though, but I could be wrong on that, I've never seen the difference first-hand.