Many Phals are sold as disposable arrangements, and the potting used will eventually kill the plant. But they can grow and bloom again with proper care, which usually involves repotting right away.
Sonya/WhiteRabbit's link didn't display properly for some reason. Here is a very good read for you:
The Phal abuse ends here.
People grow Phalaenopsis in chunky medium that permits lots of air to go through. People use medium to large orchid bark chunks, lava cinders and clay balls (LECA) sold for hydroponics. Use a pot just barely big enough to hold the roots.
The just add ice thing is a mystery. Most people kill the plants doing that. I don't know why they give those instructions.
For now, unpot your plant, cut off all the mushy or black roots, and let it dry for a day. Healthy Phal roots are whitish, light brown or green, and firm. When they are wet they turn green. When they are dead they turn mushy and dark brown or black.
Repot the plant. Water it at the sink, letting the water run through all the medium. Now use the skewer method here, and water again when the skewer has become dry:
Using skewers to determine when to water
Most Phals are pretty resilient. There is an outside chance your plant has rot into the stem already, and it might not make it. Next time you will know what to do.