They can "go bad", so to speak. They can wear out where the moving parts meet allowing the tab to slip between the forks, which is what happened to mine. Someone, sometime before me had even cut galvanized sheet to shim it from both ends.
Here are some pics of mine apart so you can get an idea of what you're gonna be getting into when you crack it open.
http://wp.me/s2tnUl-snotRed58 is right, they're super easy to work on.
If yours is too far gone like mine, rebuilt working boxes can be had for a reasonable price with a core return from most of the major vendors. The one I got I was unimpressed with. It looked like all the vendor I went with did was repack an old dirty box where as American Classic sells one thats a little more expensive but it has new grommets, bellows, grease cap and paint. ...plus they support this site.