You have to use FRAPS to record the game or demo into a viewable movie. then use software to reduce the filesize , compress and encode it.
if you were making a demo for tournament purposes, you would just use the built in demo mode in COD. however since thats a proprietary format its technically not "media". you definately have to use something similar to fraps. the free version does not have the video mode supported, or its pretty crippled. cant remember which. any number of video editors would re-encode the video into something managable to be put up online or streamed. look at www.vcdhelp.com for some ways to manipulate the video file after you record it.
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