If you have power and keep getting the disc reading, but no cd or disc will work, try this:
NOTE: TRY AT YOUR OWN RISK
Laser Cleaning - this video is a quick how to which can help.
https://www.youtube.com/watch?v=6CzVLMSznu8This video is about REPLACING he spindle, which I have not done, but I HAVE removed my spindle and put it back on. It has worked.
https://www.youtube.com/watch?v=RSxo4zggWoMFinally, as a last ditch effort:
If that doesn't help, something I have done in the past is this:
The PSX has typical phillips head screws, so you can easily open it up. Remove the screws and gently remove the top. Once open, ensure nothing has come loose. If something is out of place, there's your answer. But it also may be your spinner is just a little off. When looking at the exposed spinner, try to jiggle things to make sure they are tight and in place. I'm no engineer so it's hard to explain, but basically you disassemble some of it then just reassemble it. I'll see if I can find a video...OR if you don't feel like doing all of this, PSX is like $20 these days.