How do you even watch it out of nr 2003?
You need to have FRAPS running while NR2003 is running. Then go into the game. Then whatever clip you want to take out by hitting "F9" and the FPS gague will turn red which means its recording, and when you want to stop, hit F9 again, and itll turn back yellow..that means its not recording...you can do this as many times as needed until you get all of your desired replay... and put into a movie editing software (like windows movie maker..free with your PC)
Video files are in the FRAPS folder.
well, I think thats the trial version, I have the full version which does as long as needed.