Well, it could take a long time to recuperate.
If you want to try:
punch some slots or holes in the plastic clear pot.
give fresh medium - a medium to coarse bark, maybe mixed with a little sphagnum moss to retain a bit of moisture without being totally soggy. Allow the clear pot some indirect sun so the roots will be stimulated - Phal roots have some photosynthetic function as they would normally be growing on the side of a tree.
Grow in an east window as Phals seem to like that direction.
Be patient! In spring when you see some new growth fertilize lightly and use some seaweed extract to stimulate roots. The longer days and more intense light should signal it to start active growth. In winter, the weak sunshine does not stimulate plants enough, so they are almost dormant.

Good luck!
Maryanne In WMass

Thank you. So even though the leaves are sad and wrinkled I should not cut them off?

No, don't cut them off. They will probably turn yellow and fall off by themselves but for now, let them give as much nourishment as possible to the plant. That orchid looks really terrible - did a rabbit get to it or something? As much as we all want to save an orchid, I'm learning that one in that state is best replaced with a flowering one from Trader Joes's for $8.99. :)

I see a few green roots, and the crown doesn't look damaged. You can save it, but be prepared for a long wait if you want flowers. Years ago, a coworker found a dried up orchid in her boss's trash can, and since I already had a few sitting on my counter, I took it to see if it might come back (I had remembered that particular orchid's huge white blooms, and was sad to see it neglected and discarded). There were two viable roots, each not longer than one inch. Over the next few months, all but one of the original leaves yellowed and fell off. Believe it or not, one of the old leaves remains. It's STILL living and somewhat green ... but you can tell it has fought a long battle. :)

I wrapped it loosely in moss, and put that in a handful of bark in a slotted plastic pot, inside a ceramic pot. I misted it almost daily, but only enough to keep it damp to the touch. The first new leaves were pitiful and damaged, due to lack of roots. Slowly, each successive leaf was in better shape. Here's a better view of what it looks like today, with a few lovely, healthy, full-size leaves. I think it's been three years. There are several fat and happy roots filling up the pot inside, too. I expect a spike this winter. I will gleefully bring it down to show guy who threw it away, because he INSISTED it was dead! So if you're willing to wait until the root system comes back, and until it grows some healthy leaves, go for it.

Agree with Danielle it will come back as long as it's cared for correctly...The leaves are shriveled due to lack of water....don't clip the leaves because open cuts allow for easier disease entry. Also any good green tissue on the leaves still will be helping produce energy for further growth...if you take them off it has less viable tissue to live and recover. I used to buy the old shriveled up phals at the grocery stores and bring them back and they are doing great now...if you are growing indoors it might be good practice to give it a misting everyday to simulate humidity. Just don't let water sit in the crown or it will cause "crown rot". Study some culture sheets on phalenopsis also and it should do just fine...Enjoy it's fun to see them come back