If you're talking about the 2 second delay between what shows up on your TV and what shows up in the Elgato software, that is normal. There will always be some form of a delay due to it being USB 2.0. I'd recommend using version 1.42.xx of the software as well, version 2.0 seems to mess with the quality of the actual output footage on the TV, but if you haven't had issues with 2.0 then don't worry about it.
If the lag is in the actual recording, you need to click the pause button:
View attachment 22998
This has fixed any lag issues I've had in the recordings. It's also correct and safer to have no non-windows/non-essential background closed, even things like Skype and Steam. Don't bother with that Razer software. Only use Skype if you plan on using a setup where you can record the skype voice chat too, you can do that later on when you get more experience and have money to spend.
Go to this link to see information about recording the live commentary to a separate audio file:
I'd recommend using Audacit (simple and free) to edit the commentary which you can look here for a good tutorial by Tarmack (user on this forum):