I have an LG BluRay Reader/Burner install used Win7/64
When ever I go to use it at all, like say put a normal game disc or burned files disc in the drive, I get the "Insert a Disc" message.
If I restart the pc the drive will work fine again. (for an unknown amount of time)
It is driving me crazy and my claw hammer is just dieing for me to take this sucker outside!
Test it in another PC if you can or burn a linux/ubuntu live CD and boot it up and test it with that, if it fails after awhile then it could be a faulty drive, if it works fine then more likely it is a software problem with your pc.