Slot load or tray load iMac?
I had a Rev. A Bondi Blue tray load about 7 years ago. The flyback was on its way out, and it would do the snapping every 10-15 minutes thing. I replaced the flyback (6174Z-1003G) and that fixed the problem.
If you have a tray load, that could be your problem. They were notorious for flyback failure.