considering nobody really actually works on cd drives, your best bet would be to replace the cd drive with another comparable drive (if its only a cdrom it should be fairly cheap) you can even get a cdrw drive, although that may be a waste on windows95.
i dunno what kinda computer it is, but most you can replace the cd drive fairly easilly..
also after you take the old drive out, you can open it up and look inside..although most likely you cant fix it, the inside of the cd drive is quite interesting..just a thought...
hope that helps..
~Rog