This already kinda exists, all you have to do is disable the "Exclusive Mode".
So far i've tried a HUGE number of programs (FRAPS - like) but there is only one that works without problems (it creates small output file sizes - unlike FRAPS where i get about 20GB for just a few minutes of gameplay.
The problem with this program is that it cannot record any games while in Full Screen Mode.
SO... to be or not to be?...
Thanks!