Old Phal needs some advice

[NYCorchidman]

Good advice already given above, but I would like to say a few things.
If I had a phal like this, I would consider two things.
One, either dip the whole thing in a large bucker full of water or mist the ariel roots real good every day.
Your plant is very dehydrated. This is why leaves are like that. It is very well alive though. nice new leaves coming in the center.
The roots look like they are nice and alive too.
wet them and see if they turn green. If yes, then they are definitely alive.
Daily watering would promote better growth of this severly dehydrated plant and promote more roots maybe on the exposed portion.
Even better, try wrapping the stem (not sure if that's the corrent term but) between the base of the bottom leaves and upper most roots with some moist moss. Keep the moss moist at all time.
New roots will grow out of that section.
Cut off the plant accordingly and you have a manageable sized plant.

Cutting the plant now might be rather tough, although you can still try.
Do not throw away the bottom part with no leaves though because it might produce some plantlets.

Good Luck!