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.