Olympus c360z lens off the rollers?

My c360z zoom lens has 'gone off the rollers' so the camera no longers functions. It turns on but then just beeps for a fault.
I've tried taking it apart but the lens housing looks like it contains some quite complex stuff. Has anyone tried fixing this type of thing before and had success, or not?
Any help would be appreciated.
cheers, Supercrump.

PS the local camera shop guy says it's not worth sending for repair as they go out to Portugal and cost a bomb to fix. Cheaper to buy another he reckons.