Presumably, this is XP. But most of this stuff will work with other Windows OS's.
1) Uninstall the device in Device Manager, reboot and let Windows redetect it. Then test it.
2) Go to the Philips web-site and make sure that the CD firmware is updated.
3) Try another drive in the same location to make sure that it isn't a hardware failure of the drive. Also check the cable to be sure it's good and has the proper number of wires (40 vs 80 connector)
3) Flash the BIOS to the latest version
3) Go to the motherboard manufacturer's web site and ensure that all the mobo drivers are updated (don't forget the 4in1 - aka Hyperion - drivers with a VIA chipset).
4) Ensure that Windows is updated
5) Run SFC.EXE to make sure the system files are intact
and lot's, lot's more......