It is tricky to line up the paper clip to hit the release inside. You
really must be at right-angled to the front of the CD-ROM and insert it
straight. This release hole is so stupid as there is nothing to guide it
in. You must be accurate in lining it up. The clip has to go in about 1
inch, maybe 1.5" and you are trying to hit a target inside no bigger than
3-4 times the size of the paper clip head to release. Try again. And note
that the release is stiff, you are manually relapsing with your own
strength. If it releases, it is stiff for the first 1/4 inch. Try pulling
on the ray at the same time. Be gentle but firm.
Now if the CD inside is loose and is the cause of the jam, then you will
have to take the CD-ROM drive out of the case and remove the cover on the
CD-ROM. Then you can see what you are doing. You said it was a 486 with an
old drive, it might be a proprietary 2 speed. I have opened a lot of CD-ROM
ups. If it is a Mitsumi FX001D or similar, do not open it up. It is an
absolute bitch to open up and reassemble to close. If it is a Panasonic
CR-562 or 563 they are easy to open and close up. Most other CD-ROMs after
that were okay to open it up. Unfortunately, the release mechanism may not
be visible from the top cover removed, so you might get more work than
desired.
Before even taking it apart, why not try shaking the drive gently to see if
the CD-ROM is loose. Maybe that is enough to free it if it is the problem.
If it is a proprietary CD-ROM, it will connect to the sound card. Make sure
you don't forget where it is connected. The Panasonic interface and Mitsumi
interface are all 40 pin like IDE interfaces so you can forget where it
goes.