Buy your self a nice healthy plant..

Peace Lily's are pretty tough plants, you have nothing to lose by repotting it and cutting it all the way to the soil line. If it doesn't come back, get a new plant.

I would not give up on it just yet. If that is actually a Spathiphyllum 'Silver Streak' then I'm sure one of us would even be willing to take it off your hands if you don't want it anymore, since that is still a fairly uncommon cultivar (at least where I am). However, I think there is a Dieffenbachia cultivar that also looks similar to Silver Streak so I'm not sure if that's what it is.

I would not cut off all the leaves. I don't think that will help anything and it will just weaken the plant. I suspect the problem is that peace lilies are very sensitive to both under watering and overwatering. Personally, I have had good luck maintaining peace lilies in hydroculture because that helps take the guess work out of watering. If you want to try converting it to hydroculture, this webpage explains the process very well I think:

http://plowingthroughlife.blogspot.com/2012/02/fridays-flower-pot-converting-plants-to.html

(I personally don't use water gauges on my plants though - I just use clear containers and eyeball when the water is running low).

Any brown-thumb with $7 can go buy themselves a nice plant. Only the true plant lovers will rescue left-for-dead plants from the clearance shelf.

cute comment jpc, I dont have a brown thumb though, I happen to have a very green one with over 60 house plants, many of my plants come from the clearance shelves, dont be so quick to judge others opions !!!

I put the plant outside for the summer, if it doesn't get better it will stay outside.

Repot with fresh potting mix and put it outside in a nice shady area.

Jane

the darn chilly weather the North East is getting is not helping!