sounds broken yes. If you are handy you can open up the drive, blow the dust off it, very gently clean the lens with a cotton stick(some use fluid like clean water, but needs to be very less so it does not drip over the side of lens). Then clean&lubricate the shafts which move lens holder. It may work for while if its not an electronic fault. The other thing is that it may not read align propely anymore due its age and that is almost impossible to fix due to the 'economic' design of the drive. One fault can also be the read lens laser broken, but then I think it will not report I/O error, just will not read any discs. Maybe try to find another drive somewhere is more worthwhile..