I got hold of the rubber band, washed it with soap and water, and then let it sit in rubbing alcohol for a few minutes. Then I did my best to make sure it was completely dry.

You want the light to be going directly into the disc tray so you can see the pulleys. Once I could see, getting the rubber band off and then on wasn't hard at all. I hooked it up, the disc tray popped open, and the system booted up Amped 2, so I am the proud owner of a working xbox.

You would probably be cannibalizing a broken PS1 Classic for its motherboard. Perhaps "Parts Only."