I also have had a similar experience. Driving along one day listening to the radio, decided to listen to a CD which was already inserted. Selected the CD button and the LED displayed "READING .....". Never went away. Tried to eject the CD but it didn't. Had been listening to the same CD the previous day.
From then on, the volume control played up. Turning the volume control resulted in random changes or no change to the volume.
Decided to try reset the CD player. Did this by removing the memory fuze (actually a double fuze down by the drivers side kick panel). Waited 30 seconds, and reinserted the fuze, and the CD popped out of the player. Put the radio code back in, and the volume control functioned correctly.
Put another CD in (thinking the other CD may have been scrached etc.) and the same thing happened (i.e. could not read/eject and the volume control was stuffed).
I think the CD player is stuffed, anyone got any clues on how to fix it?