This is a very hardy piece of hardware, unlike the very flaky first-gen CD ROM² unit. There are a few things you can do to make it last even longer however!

If you think it's unusually noisy, you can easily open it up with a security-torx bit (check your local tool shop) and slap some grease on the worm gear and rails. That should solve all your problems. If memory serves the drive is a direct-drive unit where the CD spindle is the motor, so there's nothing there to lube.

This is a very common problem that's very easy to fix.

Like the PS1 there's a shaft that pushes onto a ramp, and this action slides the lid latch. This ramp/shaft are made of plastic pieces that can seize unless they're factory fresh or lubed. There are two ways to solve this - open the system up with a security-torx bit (check your local tool shop) first, then squeeze out the button from below. Pop a bit of oil on the ramp - any plastic-friendly kind will do - and it'll be good for another decade.

You can also try hosing down the sides of button with some oil, I've used bike-chain oil with great success though I make no promises it'll work for you.