Get it replaced then... If it doesn't read blue-bottomed discs (a common problem with older PS2s) and the AR2V2 is a blue-bottomed disc, I think you've answered your own question.
My PS2 is STILL covered by it's 3-year any reason warranty (October 2001-October 2004). Already they've replaced a DS2 for me (X stopped working), and should it develop any disc read faults they can replace the entire unit.
PS2s seems to develop faults at about 3 years.