In some cases it is not very difficult, like if a note doesn't play when the button is hit, that is a stuck reed... anything else is a bit more complex. A sound that escapes even when the button is not pressed is an indication of the reed being unblocked, usually because the valve is old and curled up. In this case, its not the simple matter of "unsticking" it, but that a piece of hardware is needed. If you don't have this hardware, it is of no use that you poke around in there other than for some minor educational purposes... but be careful not to start plucking at things with anything but the most gentle effort.
If you have one reed doing this, chances are pretty good that you have many others on the verge of doing the same and can be an indication of a more serious amount of work needed to bring things back to working order.
Escaping air with no sound can be a damaged valve or reed or as mentioned, missing wax.
Now, repairing an accordion is definitely not rocket science, but sometimes a little thought is required. For example, I have no issues taking apart an automatic transmission's 2000+ parts, repairing it and getting it to work better than before, but because my instrument has a pretty high value and also carries tremendous sentimental value to me, as sure as I am that I could address all issues in it with a fair amount of certainty, in a few weeks once I have the time, I am letting the experts address the few minor issues with it.
