Uhm, you have nothing to lose but time by taking it apart. Like has been said already, a little shot of compressed air, general cleanup, you might be pleasantly surprised.
Funny you should mention that, actually. Spent a few minutes today getting a small and seized-up wood chipper apart, cleaned out, oiled and reassembled and the procedure will probably be similar for your sander.
Before, it made one of those small, sad ‘brrrrrt’ noises when I flicked the switch. That’s good news, it means the electrical connections work and the motor itself isn’t fried.
Ok, check for obvious debris in the way of moving parts ( after unplugging it ) and clear out any of that. Hooked up a hose to the compressor and a long snooted air squirter ( http://www.harborfreight.com/cpi/ctaf/Displayitem.taf?itemnumber=42424 ) to the end of the hose and blew out any fine crud that I could get at. Reconnect, switch on, nada but the ‘brrrrt’ noise again.
Awright, time for surgery. Remove the brushes, check them - if they are fine, set 'em aside in something flat like a pie plate on a stable surface 'cos they are spring loaded and they’ll mess you up if they are already in when you’re reassembling it, something I found out after ruining a cheap router many moons ago. Start unscrewing things, setting the parts in your pie plate so they don’t get lost or brushed around, cleaning out crud at every step.
Whenever you get to a bearing, see if it turns very freely and if not, give it a little oil - NOT WD-40, by the way, machine oil. I like air tool oil, it doesn’t eat plastic or rubber the way the penetrating lubes can. WD40 is lovely stuff for freeing up things, but it evaporates and leaves no lubrication at all while it also washes away what lube was there, so you really need to give it a few drops of oil or a dab of grease if it’s a grease kind of place, don’t just squirt it with WD-40, loosen it up and forget it.
Okay, back at the wood chipper, I had it apart to the housing on one side ( cleaned the crud outta that ) and the chipper drum-motor combination ( freed up a slightly stuck bearing, blew dust out of everywhere and slopped oil on the bearing and it all turned very nice and very easy, no horrible grinding sounds) so it was time to put it back together. Did that, tightening things down in a kind of criss-cross pattern where necessary like you would with lug nuts or a cylinder head, hooked it up and ‘whirrrrrrrrrrrrrrrrr’…which is a lovely sound.
Now, you may well ask, what the hell does ol’ Doc want a wood chipper for. Ex-wife left years ago, etc. Well, you see, I have this apple tree, actually apple trees plural, which get pruned annually. And I have small-ish apple branch trimmings, lots of 'em. Chip 'em up with the aforementioned chipper, put a handful of chips on the coals in the kettle barbecue and you have the nicest tasting charcoal grilled tuna or swordfish or marlin you ever had, or chicken or pork or mebbe a piece of cheap beef that roasts slow. And I’m planning on doing a little fishing later this week, mebbe smoke up some fish, and apple smoked fish ( or hams too ) are as nice as it gets.
Maple is nice too, or pear or peach, hickory of course, some like oak. Don’t use softwoods or locust.
Have fun, and bon appetit…
doc…