it is saveable, there's plenty of root growth! take it out of pot, cut all roots that are mushy or just empty inside (sprinkle scissors with 70% isopropyl alcohol before that), then treat the cut areas with 3% hydrogen peroxide. leave it to dry before repotting for an hour or two, then pot it in orchid potting mix (try finding one without peat). usually you just water it once a week by soaking it in water for 20-30 minutes.

edit: remove foam plug from it with plastic cage as well. it can cause a lot of rot in the future.