To expand upon what Cookiemonster was saying about the
red circle, the small, green stub could be a new growth for a blooming spike or it could be a keiki. A keiki, which is the Hawaiian term for a baby, is a root of the plant that grows on the stem on various orchids and once it reaches several inches in length, it can be removed (with a clean, sterilized blade) to propagate a new plant identical to what you have now.
The orchid species you have is called a phalaenopsis and they are quite easy to maintain and are prolific bloomers when in their blooming cycle
I have four of these in my collection of nine orchids, so far anyways. It could expand any day! LOL...
You may also hear your orchid referred to as a
moth orchid, which is just another term to identify the species. I've given you a link below to a simple sheet to answer any of your primary questions about the plant:
http://www.orchids.org/culture/phalsBeginner.pdf
Keep a good check on your plant and make sure it is well watered, but do not overwater it. Most people think that orchids are hard to grow, but that is just a misnomer. Most people tend to overwater, thus killing the plant. I would highly recommend that you visit the American Orchid Society homepage for reference materials, as I have found their site to be chock full of great and helpful resources!
AOS | Home
If you have any other questions, just post something and we'll respond. We may not all have an answer for you, but we'll try to give you our best opinion! Best of luck with your new 'chid