ShadowPlay is the newest tool for PC gamers in Nvidia's ever growing arsenal of cool things, and it's out today as a part of the latest GeForce Experience 1.7 update.
The application, which is built into GeForce Experience, runs in the background at all times (as long as you toggle it to stay on) and allows you to capture up to the last 10-20 minutes of gameplay footage using the onboard H.264 encoder built into GeForce 600 and 700 series cards. The app saves all of this into a temporary buffer and a quick press of the Alt-F10 keys will save the footage to an mp4 file, which you can edit before uploading to YouTube or anywhere else.
If you're not keen on buffering footage, you can set the program to manually record footage like FRAPS by hitting Alt-F9 to start and stop recording.
The app is out with the latest GeForce drivers, which add Game Ready support for both Battlefield 4, out later today, and the upcoming Call of Duty: Ghosts.