Apple Event: May 7th at 7 am PT
Just for the record, My wife's ingenuity and few posts on the google, helped solve my problem. It helps to have more than one mind thinking on such problems. Anyway, here's our homemade solution:
1. Pick a thin large baker's knife or a regular kitchen knife (has to be longer). Don't worry it will not damage the internals of the iMac.
2. At the pointed end wrap a double-sided tape (preferably) around it
3. Start your iMac
4. You will hear the whirring sound of your iMac trying to spin your discs inside.
5. Wait for few seconds (after startup)
6. Insert your taped-knife inside about 5 cms (or less. never more).
7. Once the knife is inserted inside, press the eject button
8. You will see that the knife helps one of the Cds to slide out.
If it does not work the first time, you've got to promise to try this few times until you get the co-ordination right. It really worked for us after weeks of toil !!
Two Stuck CD's in my Imac!