What's wrong with my reel?

I have a small reel, old one too but it had almost never been used--Daiwa procaster--light baitcasting reel.

Last week I tossed out something that weighed like 1.5 oz and my reel started screaming at me during casting. i adjusted it a bit and it got much quieter. When I was tossing a small bait today, it was making noise again.

Basically, during free spool, it's noisy. And there is left to right play in the spool, as well as a tiny bit of up down while it's just ont the reel.

any suggestions other than buy a new reel? I'm gonna go to sportmart to see if I can get some lube, but i dont know where to put it to help the freespool noise.

kevin
what a difference lube makes. i guess it had none in it. i lubed the gears and the end of the spool and now the reel is completely quiet. guess i shoulda tried before i posted.
Yes, lubricant does do the trick. If you are going to throw those big baits, you should lube up your reels the night before. I'm guilty of this sort of thing too. Glad to hear that was all that you needed. I was thinking possibly bend spool shaft next.