Yes, Kid18120, there is an overlay that shows GPU temp while I'm in game. I disabled the overlay, but the problem still exists. This overlay part of Precision X had info showing it was part of RivaTuner Statistics Server. I was looking for a way to disable this entire portion, but couldn't find any.
Precision X checks for updates weekly, and notifies when an update is available. While poking around I noticed it had last checked on April 4, 2013. I went to EVGA and manually checked for an update and found that one had been released on April 5, 2013. The newest version of Precision X is now v4.1.0. I read the release notes and one of the things is mentions is this version separates the RivaTuner Statistics app built in, and allows you to install that separately if you wish.
I updated Precision X to v4.1.0 and did NOT install the RivaTuner portion that had been separated. Now the game loads fine with fraps and precision X both running. The problem is now completely resolved.
I couldn't tell this was a problem with other programs as these other programs worked fine with all of my other games.
My thanks to all who assisted with this problem, and helped steer me to the solution. It's very much appreciated.