Question
is the plant dying? can I save it?

Answer
Denny, dying leaves are a symptom of root rot.  Obtain some orchid potting mix at your garden center and soak it while you unpot your plant.  Any mushy roots are dead and need to be removed.  Only firm roots are healthy.  I suspect that you have a number of dead roots that are responsible for your dying leaves.  After you repot it, place it in an east facing window if possible and let it dry out for 7-10 days before watering weekly. It will likely take several months before you see new root and leaf growth.

Root death occurs because there is insufficient air movement to the roots and/or insufficient drainage. Be sure you use a pot that has lots of drainage holes in the bottom and use an orchid potting mix that is fir-bark based. Phalaenopsis should be repotted annually.  The principal cause of root rot is either that the potting mix is old and decomposed or the plant is potted in sphagnum moss which compacts over time.  Either event reduces air movement and drainage so the potting mix remain wet for too long and restricts air movement through the potting mix.