Depends on how you want to do it, your OS and your hardware. If you want to commentate while play, and have XP/an older soundcard, then you might run into issues recording both the game & your voice at the same time (I had to set up a separate computer just for voice recording, luckily I have an ancient laptop that can handle that).
Audacity is a free sound editing program that also lets you record from your microphone:
http://audacity.sourceforge.net/
Absolutely don't record your game audio & voice to the same file, you will want to change the volume of the two separately (FRAPS in Vista & later allows you to do this)
Oh yes, and plenty of disc space is needed.
jamyskis: If you're doing DOSBox based games, you can simply press CTRL+ALT+F5 and record the video straight out. If you want to do voiceover, you can use a mic and software like Audacity..
If you do live commentating then that can result in problems. While dosbox will output high quality videos, if your computer slows down for any reason at any point during recording (has to read from CD, minor in game stutter and so on), then it won't record that, so the file where you record your voice & the game video won't sync up properly. I just learnt that the hard way (recorded a level from Crusader no remorse, but the footage is not usable because of this).