Refresh rates obviously do equate to said FPS but there is the choice to turn off v-sync.
As you can see here.
Toca RD 3 Demo (as per Fraps)
Frames, Time (ms), Min, Max, Avg
103754, 742554, 125, 147, 139.726
Even so 60-75fps locked isnt exactly bad is it?
I think I'll be able to...