Hello Ketani, and welcome to the forum!
Yes, it's in bad shape now, but you may still be able to bring it back. Ghost plant does tend to grow with long pendant stems, drop leaves along the stem, and keep the rosette at the end growing out. I've seen them doing well in hanging baskets. I don't know how you ended up with those long straight stems!
If it were mine, I would re-start it. The stem on the right should do fine, the one on the left is iffy. Cut them off with a node or two above the soil, the roots and stubs will most likely re-sprout.
Fallen leaves may or may not sprout, it's always worth a try. Just put them on top of the soil or in a shallow tray of potting mix, see what happens.
Cut the rosette off the top with just an inch or two of bare stem attached. Remove the leaves below the rosette, you want to put bare stem into new soil.
You'll also end up with a long piece of bare middle stem, you can try sprouting pieces of this too. Sometimes they'll start if just placed horizontally on top of the soil.
Take the top-cut piece, let it dry for a few days, then re-pot.
Use a small pot with LOTS of drainage holes. Use a cactus soil, and mix in some extra grit--I like pumice, poultry grit (chipped granite) or pea gravel. The right fast-draining pot and soil go a long way towards preventing overwatering.
You already know--it needs lots of light. It should be close to a window, and might do best with a plant light also.
If your house is cool, it might do better with warmer temperatures. A seedling heat mat can really help with this. Most succulents like 80+ degree temps and lots light, but not too much direct sunlight. Depending on your local conditions, it might do well in a bright shady spot outdoors through the summer.
The top-cut piece is most likely to grow. Give it little water until you see new growth, that means it has roots. If in proper gritty soil, you can then water regularly. Water should run right through the pot, retaining very little.
If the middle and lower cuts and leaves sprout, you could end up with plants to share!
