The "please wait" is indicative of either a scratched, smudged or dirty disc or a worn laser pickup, you can just replace the laser unit (approx $30) or the whole cd/dvd carriage (approx $150).

I did this on a mates mk4 and it was easy and fixed his problem.

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Sept 03, M3, Silver Grey. Retro-fits: Modded Mk4 DVD Drive, OEM Bluetooth, VR Control, Rainbow Speaker Upgrade, Sony SOT Amp, HK Sub, CCFL, Intravee II, NightMode.