How can I import from FrameMaker 12 into Captivate 7 to create eLearning content?

Ther's no direct route as the import formats in Captivate are quite limited. You could try the following three-step tango:

1. From FM save as PDF.

2. In Acrobat, File > Save As Other... > Microsft Powerpoint Presentation

3. In Captivate, File > Import > Powerpoint

Note: you'll have to chunk your data in FM to approximate Powerpoint slides first, before embarking on this route.