small bright yellow flowers? i'm going to hazard a guess you have the onc and not the cynoches.
how many pseudo bulbs on the plant? (those big thick green things at the bottom) and do they have roots?
also, where are you located? (how much light, heat, humidity, etc do you generally get?)
is the plant potted already or did she give it to you bare root (naked)? in general, see the following:
http://aos.org/aos/uploadedfiles/doc...edoncidium.pdf
also look in the 'culture' section of this board--i believe there are additional culture sheets noted. look under "oncidium."
ETA: ok, MS--you should have a good environment for it. first thing, if it's not in a plastic baggie with a damp paper towel, stick it in one now. that'll keep it til you can get some potting material. i'd pot it up in long fibre sphag to start with; see
http://firstrays.com/potting.htm
start around paragraph 6. your plant is sympodial. later after it gets some good growth you might want to move it to bark, but first things first.
(there's also a thread on "dividing" on here--that would be good to look at too.)