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EEK, that looks bad. Think I would cut it back until you come to green growth.

When you say "cut it back" do you mean simply lopping off everything just below the brown spot where the leaves meet the stem?

That's exactly what I would do. If you don't see green there, then cut back some more.
Soil does look very wet. Don't water until it dries out.

EEK, is right!!! Way too much water,but the good thing is you caught it before it was too late (I think) Just do what Miaella said. That should work!!! Good Luck!!! Diana55

Hopefully you caught it before it was too late. I would imagine the corm on that plant is rather small. I'm thinking you probably should repot... and keep out of full sun. Wish we had told you that yesterday.