You have a worn belt and deck or one that needs lube.
for a test, get napa auto parts silicone spray model 8300.
Spray it on top of the deck and under the belt.
I have a video on this and other things that could help you more.
The maintenance video and How to buy a used treadmill will teach you a lot. http://www.mindbites.com/person/214-Mark
you can also e-mail me for extra help from there or my new forum
http://petersontreadmillrepair.forumco.com/default.asp
Mark Peterson
April 2008