A photo is the best way to get advice based on what you actually have, but from your descriptions, here is what I would do:
1. Get the plastic wrap off of the pot so the roots can breath.
2. Unpot the plant and check the roots in the pot. Most likely they are damaged since air movement has been restricted. (See number 3 first)
3. When you decide to unpot this plant, get a bowl of water or fill your sink with water and soak the pot and roots for ten or fifteen minutes so that they will become saturated and will easily let go of the pot and medium they are currently growing in. This helps you to keep from breaking the living roots.
4. Be sure to remove the mushy, or dead roots with your hand or a clean razor blade or sterile knife/ scissors before putting into the new pot.
5. Repot in a pot the same size unless the plant is root bound. Be sure to put either some larger rocks or styro-peanuts in the bottom of the pot to keep the plants roots above the drain holes and allow air to get into the bottom of the pot and around the roots.
6. If the plant is currently in bark and that is how you want to continue to care for it, purchase a bark mix from your local big box store. This mix will already have the things in it that will help keep your orchid's roots growing healthy.
7. The 'old, woody roots coming out from the soil' should be removed if they are brittle and dead. Don't put them into the pot. If they are still living, it will be fine to pot them up.
8. Do not put your phal in direct sunlight. Check out the CARE link at the top of the page. Click on 'Phalaenopsis' cultural requirements for some basics on light, water, etc...
Cheers,
BD 