Here's what I'm seeing when I try that:
cdparanoia III release 9.8 (March 23, 2001)
(C) 2001 Monty <monty@xiph.org> and Xiphophorus
Report bugs to
paranoia@xiph.org
http://www.xiph.org/paranoia/
Checking /dev/cdrom for cdrom...
Testing /dev/cdrom for cooked ioctl() interface
CDROM sensed: ATAPI compatible Hewlett-Packard DVD Writer 300
004: Unable to read table of contents header
Unable to open disc. Is there an audio CD in the drive?