Is this stem rot?
 

I am new to orchids. Before I start building a collection, I'm trying to save my nearly drowned phalaenopsis.

Does this look like stem rot? It is not squishy at all. Should I remove the yellow leaf and cut off the bottom part of the stem that is almost black even though it is not squishy?

Thanks for your help and these great forums!!

I doubt it. Just an old leaf, ready to come off. You can trim the stem or not. Frankly, that's not too long. It might help to stabilize it in the pot.