That is a succulent Sempervivum. They want very little water, and are quick to die if they get too much. The leaves shrivel, because the roots have stopped getting water to the leaves, due to rotting. That is what makes the question of over and underwatering hard to diagnose. If the soil has dried out now, just pull way back on water. If the soil is still quite wet, I would be pro active, and maybe crazy...but I would gently remove the plant from the wet soil and let it dry on a paper towel. I would repot in cactus type soil, because I would feel the plant was going to die if I didn't.
