mlind --- hard to say if that orchid can be 'saved' - as in being able to make it.
Some accessories/treatments like fungicides or bacterial treatments can sometimes help at first signs of issues. But chances of survival at advanced stages of rotting become relatively small.
Whether this one can actually make it or not ----- take a look at the following information, which can be useful to you if you grow more orchids later.
Click Here and
Click Here and
Click Here and
Click Here.