The "Failed to find valid sync after seeking to offset" error is not really an error. I think it might be something to do with VBR files being hard to seek on. Anyways I see it all the time and there aren't any problems with the unit. Look here.

As for the irq timeout problem, then you have problems. Have you replaced the drive cable yet? If not click here...
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Christian
#40104192 120Gb (no longer in my E36 M3, won't fit the E46 M3)