Introduction
This will repair your SCPH-5501 without buying a new KSM-440-ADM laser off of ebay.
Tools
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            Remove the parallel port cover on the back of the PlayStation. 
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            Flip over the PlayStation and remove the six screws from the bottom. 
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            Turn the PlayStation upright. Remove the cover by lifting it up. 
 
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            Carefully disconnect the gold-colored ribbon cable from it's connector. To avoid damaging the cable, pull it by the white, reinforced tab. 
 
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            Disconnect the second cable by pulling up on the plastic connector at the end. 
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            Remove the 2 screws and take the black bottom piece of the old Optical drive. 
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            Take the new Optical drive from either a SCPH-7501 or an SCPH-9001. 
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            Gently pull on the orange ribbon, but not too much or you could rip it. 
 
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            Take the bottom piece you took out and place it on the new Optical drive and screw it on the new drive. 
 
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            Here is what your work should look like. 
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            Put it back together, plug it in, turn it on and test it to see if it works. 
 
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To reassemble your device, follow these instructions in reverse order.