How to limit/lock framerate (FPS) like in FRAPS video-recording mode?

Is there a way to limit or lock framerate (FPS) to a certain maximum value, just like FRAPS is able to do while recording? I am trying to play Last Bronx on Win XP, but the game runs way too fast, even with Frameskip set to "None" (there is no framelimit option).

I had some success experimenting with FRAPS (which is presumably notorious for decreasing games performance) as it has an option to lock framerate for recording purposes. It works great and locks to 60 FPS this way, but recording is tedious, takes space and I have to remember to delete my movies after playing (even if only to ensure nobody sees me getting regularly pummelled heh).

Is there a way to lock framerate in FRAPS without recording (i.e. automatically redireting recorded AVI > dev/null or something similar)? If not, is there any other software or way to lock game's framerate?

I already tried forcing vsync in AMD CCC, with no effect. Same for disabling Direct3D/DirecrDraw acceleration using dxdiag. I also launched some cpu-consuming software in background, but this usually results in stuttering and reduces playability more effectively than the framerate. Last Bronx is not DOS-based, so apparently DOSBox is also not an option.

Unfortunately, Fraps has no option to enable it outside of recording.

You could use Dxtory though to lock your fps. It is a tool to play games that run too fast because they do improper timing and are actually "timed" by their framerate. Which is a horrible design idea btw, if I might add that.

There is also a comprehensive guide over at the Steam Forums.

An alternative to this is Bandicam. On the feature overview on the download page it says that this feature is freely available even in the trial edition which is not restricted by time.

To make this answer complete:

For NVIDIA Users there is a Tool called "NVIDIA Inspector" which can do FPS limiting too and that Tool is actually free.