Rosslynn:
Be sure and dust it with cinnamon - any where there is a crack or cut.
Good luck with your Phalae -
Steve

flobish:
I agree that the roots provide food just like the leaves; in a case like you have, I would make sure that everything I use is sterilized as you will need to provide a fungus-inducing atmosphere to 'pull' the leaves out, along with more roots.
I have saved one similar to yours once. It was only a stem and two roots; there was a leaf tip showing, which is why I thought it was viable. The saving grace was the two little roots. They were very healthy little roots. At the time I had a humidity case for newly planted orc's, cuttings, etc. and it resided inside for 2 months; by then it was established with one full leaf and another coming along. Orchids take not only skill, but patience.
You would do well to create that same type of atmosphere for a while, to get this to recover well. I am not sure how big your plant is, but if you are able to cover it, to create a terrarium sort of environment, the plant will most likely pull out of this. Perhaps a plastic bag tent would help; just be sure you remove it once or twice a day and don't 'smother' your plant.
Also, I would mist it lightly several times a day; you may want to mist with a very weak high nitrogen fert occasionally; the stem and roots alike will absorb it, but use a very weak solution. This could give it a boost into a growth spurt.
I hope it survives, they can be pretty tough little guys (or gals) -

Keep us updated!!!!!!
Steve