What's wrong with my orchid?

I have a phalaenopsis orchid that my friend got me for my birthday last April; it's in a little plastic pot. It hasn't been looking very good lately. It hasn't bloomed since I got it last year, which I know is normal, but it doesn't look like it's going to bloom this year. A lot of its roots are all shriveled up, and the parts where there should be buds are dried up and kind of yellowish. But the thing is, I water it often; every few days when it's almost dry. What do you think is wrong with my orchid, and can I save it?