I don't think there's a simpler way.
You have to record your sound and image separately and then mix them up in the end to get a proper recording.
The problem is to match the right take in reaper with the right recorded picture... because unless you're planning to stop and start the camcorder, you'll have a big file with plenty of takes. Or if you're a guitar hero, then everything is easy... 1 take without mistakes
Then it's a matter of synch on movie maker or whatever. I find movie maker awkward as it doesn't work with .mov files which is what many cameras these days use to encode.
I was doing a research on a cam to use, and I realized I might go for the Panasonic HDC-SD60. It's not exactly cheap, but it's a good quality camera and has some nice features for making youtube videos:
- You can flip the LCD to the front so that you can see yourself on the cam while playing
- It works in AC which means you won't run out of batteries
- Works well in low light
- Records long files (dunno if it skips frames when it has to switch files, after exceeding 4 gb per file)
- It's good enough to use outside too
On the con side, it only records 1080i which is overkill for youtube.. you'll definitely have to re-scale the video down before working with it