I'm not sure about the cd player question, I don't have any experience with that type of drive.
Now, assuming it's the motherboard that's actually bad (probably either mobo or maybe power supply) it's probably not worth replacing. Figure $200-300 for a new mobo plus getting it installed (Toshibas are foten not user servicable) and you're getting pretty expensive. You could make a little money with it on ebay if you advertise it right and put the money towards a new laptop if you want.