Generally, from my experience (which unfortunately is plentiful in this particular area) this tends to mean that your Disc tray, and the laser used to read the discs is on it's last legs, or already dead. If it does attempt to read the disc, chances are
it is about to die completely, when it does that it won't even attempt to read said disc.
I hope this is not the case, and there may be another problem with it, but im pretty sure the Laser has died. Have you had much use out of the console?
Source : Three consoles being put out of use due to the same error you are getting.
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