My Wii is making grinding noises?

Everytime my Wii reads/spins a disk it does so very roughly. It sounds like it is grinding against something lightly. I suspect the disk is wobbling when it spins. It has trouble reading Mario Kart Wii because of it. It will play for a minute, then get the black disk error screen.

Does anyone know if this is a common problem? Any fixes? I’m not going to buy a new Wii if this one is toast. For reference, I bought my Wii July/August 2007.