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Optical storage is attractive for its high information density and, in the case of compact disks, its robustness. We have been investigating a novel means of improving the storage density of compact disks through the use of multiple wavelengths of light, interacting with distinct physical levels of storage on a single disk. In storage technologies, signal to noise ratios, and the resulting error rates are critical parameters in determining proper performance. This letter describes the theoretical examination of noise mechanisms and error rates in a multiwavelength, multilevel optical storage structure.