I agree with Brook, apart from watering and a repot forget about it. It really doesn't look bad at all.
Is that Sphagnum moss around the roots?? Personally I use bark, but this is purely down to personal preference, and yes you can clean and re-use the old pot - once you have trimmed any dead roots and teezed out the old potting medium it should fit nicely.
Try the following tried and tested method of watering:
Skewer use for watering of orchids
Also look in the index for "repotting phals" for a pictorial guide of how to repot:
Easy Orchids - Home