I couldn't agree more with Scott on this and strongly urge you to follow his advice. I, too, had a similar issue with some audio tape and, later, some old 8mm home movies. After partially ruining one audio tape of my grandmother singing in a wedding during the 1940's, I had all the rest done professionally. It was a bit "pricey", but ask yourself how important the tapes are to you. Next, estimate the cost you'd pay someone for these tapes if they didn't already exist. I'll wager that the price would be much higher than the restoration. Good luck. If you live in the Bay Area (CA), e-mail me and I can give you a couple of good sources for the work.
How to clean and play analog reel to reel tapes
I have come across several analog reel to reel tape which are falling apart. The oxide/binder appears to be falling deteriorating making the tapes very difficult to play. The heads on my reel to reel player tend to "gunk" up after only a few minutes of play time and require cleaning before the tape can play again. Even then I can hear a "squealing" sound from the tape that is playing. These are recordings of my family (e.g. voice of my great grandmother etc) and cannot be replaced. Some are over 40 years old. I would like to transfer them to CDs. Can someone help and guide me on how to best handle this task. Of course, the first step would be to clean and play them. Any suggestions on the least expensive route to do this. Your help will be greatly appreciated.