the,
Is this like a long continuous squeal? or squeak?
had a similar problem and fixed it by oiling the "gear cogs".
Don't think that would help since the only gears in there drive a belt that drives the pinch roller that pulls the disk in. In the picture I referenced that is to the left of the roller. You can see the belt. If it was that it would stop once the disk is inside.
What it could be is the motor itself. To tell that you'd have to take the top off the drive also removing the ATA power adapter board on the back of the drive. (that green thing). Then plug that board back into the drive now sans it's top. You'd plug that back in and you'd then have to run it with both the hard drive and the optical drive out of the mass store cage that holds them. That's probably going to be easier to do w/ the iMac upside down.
If it is the drive motor it can be oiled but the entire assembly will have to come out.
Richard