If the fault had occured after drop or someone trippin over the controller lead then it could have a twisted spindle moter platten.
Pull the PS2 apart and check where the disk spins. Insert a disk to test that indead the disk spins smoothly and doesn't tilt.
Failing that u prob have a bad laser. Here in NZ I have sent a number of 3003 away to get new lasers under warrenttee.
I can't say i heard them make a grinding sound though.
Oh gently adjust the platten if needed but take note of how high the cd is above the laser!!!!!. Very Important!!!!!!
Use a hard card or something to lay between the two.
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