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advanced spectator hud and im pretty sure they're watching a SourceTV or something
 
for recording commentary (I am a Let's Playing Veteran) it depends on whether you want live or post comm

Live: You'll need an audio recording program (audacity is great and free!) and you'll need to have it running at the same time as your game recording, then splice them together in a video editor

Post: In your video editor (just about any can do this, even WMM) you should have an option to record commentary. If you cannot record commentary in your editor, you'll need to use audacity to record it then splice it in with your video.
 
I plan on doing it post. That should be fine, but what exactly do you recommend I use to record the match itself?
 
i suggest trying out both dxtory and fraps or even use the built in shit.
where you play the demo then make it into an avi
 
Awesome. Thanks for the help, everyone. ^-^ I'll test it out and let you know how it goes~