ID for orchid that blooms only once in 10 yrs

[PaphMadMan]

What the others have said is correct, even though somewhat contradictory. Paphiopedilum rothschildianum of some breeding lines is notoriously difficult to bloom, and might take 10 or more years to bloom the first time and then at least 3-5 years between flowerings after that. Others might bloom at 5 years and every year after that if grown well. None are small plants at maturity. Yours is probably closer to the 10+ scheme, but can be magnificently worth the wait.

Culture information for this species should be easy to find. Do your best and be patient.

Older leaves die eventually. Without more description of the size and condition of your plant and your growing conditions, and a picture if possible, I can't say if your limp leaf is a problem or not.