Do you know what kind of orchid it is, Poison? By the stem, do you mean the flowering stem, or the stem that the leaves are attached to?

If it's a moth orchid, cymbidium or anything else that has its leaves by the pot and flowers on a single stem rising from the base, you should cut the flower stem off cleanly as close to the base as possible. :)

If indeed it is a phal or cymbidium then this sounds like the normal course of orchideering. If the leaves are still green and healthy and any surface or visible roots are a nice healthy pale green then just do as Tralamander says. Tidy it up a bit and continue with the usual TLC. Eventually it will put out a new spike, but often not quickly.