There's another option to fixing it (reapairing it does cost quite a bit and there's no guarantee it won't go again.)
Mine went and instead of replacing it I fitted the ipod adapter that Sonnet found - it connects into the back of the stereo and plays from the ipod directly (so sound quality is excellent) and allows you to control the ipod via the stereo controls (volume, next previous track, playlist select, shuffle etc.)
Link to info on the adapter
Link to walkthrough on how to install it.
It's what I did and I certainly haven't missed not having CD's since.
HTH