Solution 1:

The first thing to try in these cases is to restart the computer and hold down your Eject key or Mouse/trackpad button while it's starting up.

If that doesn't work, try Resetting the SMC on an Intel based mac, or a PMU reset on an older PowerPC machine, then try again.

If that fails, you'll want to bring the machine into an  Authorized Service Center if it's under warranty, or look into less orthodox solutions if not.

Solution 2:

I had a similar solution to TrentEllingsen. My CD drive would not relinquish this stuck CD. Not with a terminal command or eject button or what have you.

I eventually decided to go about it manually. First I tried using a card to leverage the CD enough so that "drutil eject" would work but after several tries it was obvious it wouldn't. So I rubbed on some elbow grease and grabbed another card. I slid one under the CD and the other on top. Then, like using a pair of card-nosed pliers, I pinched tight, pulled gently, and out came the CD... with protective slip attached! That was the last time I let my girlfriend burn anything on my mac.