When on the live for speed forum i like watchin the videos of leagues on s2, all of them look great, but i want to know how to make a video with custom camera positions and wit no text on the screen whilst doing it, like shift-u but without the text in the bottom right, and constantly having to pause and unpause to get the angle i want, i just want a smooth video like some on the lfs forum, thanks

You can hide the text in shift-u mode, I think it's the SPACE key to hide/show all the text.

cheers but how do u play the whole replay without having to move the camera whilst pausing it

If you mean you want to set predefined custom camera positions and record it in one piece after that, you can't. You'll need to use shift-u and pause/unpause to do that.
If you're using fraps what you can do is set the recording hotkey to P so that everytime you pause your replay, fraps will stop capturing. And if you unpause again it starts capturing again.

and to hide all the HUD you have to press SHIFT+F

what is fraps

It's a sceen capturing program, see www.fraps.com
You're going to need that (or a similar program) to make a video out of your replay