Wopsi! Well, it happens to all of us. And, root rot and struggling phalaenopsis must be some of the most common reasons why people find their way to the OrchidBoard! Welcome!
Your orchid looks like it's in a tough spot. If you're really sure you want to try to save it, read up on the
'Phal Abuse ends here' thread and do a OB search on 'phal rescue' and see what you come up with.
When that is said, it's worth mentioning that orchids (perhaps despite their reputation amongst people that don't own one) are survivors and if you do give them a proper chance to survive and recover, they often take you up on that offer.
Good luck!