Hi flower girl!

If your phal is wilting while the medium is still moist, chances are the roots are rotted. I would gently tease everything out of the pot (don't remove it all the way, just halfway...enough to see the roots without disturbing them and spilling everything everywhere) If they are brown and mushy-mushy being the operative word-then they are dead, and thats what would be causing the wilting. Let us know what you find!

You're right, the roots are rotten--what now? Do I cut them all off and repot if there is anything left to repot. Should I go ahead and cut the spike off?

Yes, cut off the spike. Check the FAQ for "sphag n bag" method for re-rooting.

Thanks for the help--I'll see if I can revive this thing, it does have a pretty flower.