IMHO there is little point in using cleaning floppies, and zero in trying to make one. Just clean the drive with soft brush and quality q-tips soaked in IPA. If the drive is dirty just wiping the head surfaces is not going to clean it properly. Also if you already get loud noises from it then chances are the heads are really fouled up and will need some extra attention. And you should inspect all the floppies you've put into that drive for surface damage as well.

If it is really fouled up, what would be the best option to fix/repair it?

The best "how to" is to check for some dedicated Youtube instructions. This is by far the easiest way to learn it (e.g. Adrians Digital Basement has several FDD, HDD repair / maintainance videos). You should start with opening the drive, see if the heads move freely during initiation and check for all moving parts. Often removal of stiff grease and relubrication can be the first step (in addition to cleaning the heads as mentioned above). Notice that there are several additional possible obstacles and potential causes why the drive may not work (e.g. controller, cable, cable twist etc.). More information about the computer, setup including drive model, pictures will be usefull for additional suggestions (e.g. did the drive worked previously on the same PC / setup?).