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The old flower stem is dying naturally. You can snip it off near the bottom. This is a Phalaenopsis orchid.
The plant probably hasn't been repotted in a long time. The medium is breaking down. I would repot now. Use the same pot, but wash it. Remove the old medium. I don't cut off roots unless they're black and slimy. Put the plant into the empty pot and fill with the medium of your choice. People use successfully medium bark, LECA clay balls or volcanic cinders (scoria.) The upper roots growing in the air can remain outside the pot when you are done.
Take a look at a thread here about growing Phalaenopsis. From the left yellow menu choose Forums then Beginners. Near the top is a sticky thread, The Phal abuse stops here.
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