Well, the problem persist after all, after all the steps below. Now I am really clueless as to what to do next. I am starting to suspect that I may have a virus of some sort, disabling my cdrom. If it is a virus, could it be hiding in my mbr or bios? and thus disabling the cdrom?
I thought I would give you an update on what have happened since your helpful assistance. I hope the report might give other help or hints if they find themselves having a similar problem.
I tried the steps in the following order:
I tried reseating the cables at both ends. That didn't work
I plugged in another working drive, same problem.
I replaced the cable with a new one, that didn't work either.
Then I tried another ide slot on the motherboard and that seems to have worked. I am not totally sure though that everything is working properly. Windows did not detect the drive automatically at startup, I had to go to "add hardware" inorder to get windows to detect it. Also, at one startup, I couldn't see it in the boot sequence. It shows up in device manager with the correct lettering now and not with some weird spelling like before.
However, in windows, when I click the cdrom drive without a cd in it, it doesn't alert me that there isn't a cd in the drive, which make me suspicious that something isn't right after all, since that was one of the symptoms with the problem I had before.