You have to be in math mode. Type Ctrl + M. Then do \frac{x}{y}. After you type \frac LyX will convert it into its internal representation.
If you want to type LaTeX directly, you could alternatively insert it with Ctrl + L (or Insert > TeX Code).
Finally, note that in LyX 2.1 you will be able to paste LaTeX code in and it will be converted. This was already true of math but now you can paste, for example, \textbf{hello}. To do that, go to edit > paste > LaTeX text (this name might be different on release but it should be in that place).
Hit Alt + PEnter (Edit -> Start new environment) or Alt + PShift+Enter (Edit -> Start new parent environment), depending on whether you are in an environment inside the frame or not.
These are shortcuts that insert a Separator environment and start a new frame.
This is described in Help --> Specific Manuals -> Beamer Presentations.
Best Answer
According to @scottkosty, you should be able to import the following snippet into Lyx.
When compiled with pdflatex, it produces