Yeah, the disc read error is very commonly caused by a misaligned laser. Has the PS2 taken any bumps or shocks lately?

You can open it up and realign the laser yourself if you like; it's a simple, but pretty touch and go process and you need to be extremely gentle with the internal components of the PS2. It's very easy to knock the laser out even further if you aren't careful - I've ruined a couple of PS2s this way.

Is it a fat or slim PS2?