IF, it really is ANY kinda palm, it IS DEAD. However, I get the feeling it is actually a Dracaena. If it IS, then, it should resprout new leaves from the trunk. NO Lady Palm, btw..., maybe Dracaena marginata if you're lucky.

Thank you Subtropix! So, how would one go about bringing a Dracaena back to life? Any suggestions on a good resource?

A true palm is dead once the top is cut or killed like that-they don't have the ability to resprout from the bare stem. A dracaena can as subtropix said.

I believe you may find this helpful http://plantgasm.com/archives/4924

It is about saving adracaena and judging by the pic in the article I'm almost positive subtropix got it right that that is the plant you have

Didn't know that, hairmetal, thanks a bunch!!

Chtwright, thanks! That's a good website with links to even better stuff!!

So one of the stems was completely soft and I wanted to get it out of the soil. I took the root ball out of the pot and man, it smelled like rotten butt! So the one stem and root system was completely rotten. I cut it out the best I could and tried not to disturb the other two as much as possible, but parts of their roots were rotted as well. I cut away everything rotting. The remaining root systems looked somewhat white and healthy with parts that were yellowed. Cut the stems down to firm levels. One is green the other is yellowish. I repotted with a cactus mix soil and didn't water for 2 days just to give it a little break. Watered today and now plan to just leave it alone. Question is if anyone thinks I should pull the yellow stem out or just leave it alone and see what happens?