Mine locked up last summer and I just took it apart and some rust had got in there and I just used wd40 and a scotch brite pad and cleaned it up. Been working ever since. Took me about an hour. Super easy. At least give it a try before buying one. Nothing to lose.
Yeah give that a swing. Mine seized up (I'm on my second one) and my buddy did that for me, it only worked for one day though. You have nothing to lose though so its worth a shot. If that doesn't work you can just call PP and get a new one for about $160.
Mine seized up around 2006 or 2007. At PP's suggestion I took it apart, cleaned out the rust, remounted it so the shaft was not pointing upwards in an area that gets splashed fairly frequently while surfing, and it's been fine ever since.