My ponytail palm is brown after being outside :( what can I do to save it?

I have had my pony tail palm for a little over a year, Never knowing what it was. My boyfriend bought it for me at walmart cause I fell in love with it right away but there was no tag about what it was. I thought it was a real palm tree but lately I have been looking into what it is cause I left it outside and now it just looks brown, all the leaves are brown at the tips and dead and the other leaves are brown but not crisp there just turning brown. the trunk is a little soft but it had rained really hard out side a couple of days ago. I have read on here that you can cut the top off and stimulate new growth, Is that an option for me? I am sure that it does need to be re potted but should repot it and then cut it? or should I wait closer to spring to cut it and repot it now? its only about 5 or 6 inches tall but has a fat bottom. with three shoots. and my next question is about the cutting the shoots, can I cut the shoot to promote new growth on that making it like another branch? Im glad that I know what I have now but I hope im not to late to save it.

 

Of course a photo would help.
On the information given, to me, it sounds like a bit of sunbrun. Maybe the plants isn't use to full sun, and to achieve this you have to move it into the sun slowly, so it can adjust. With the base of the plant being "soft" it may have been over watered. You can cut them quite easily and this will produce new growth as well as repotting the "crown" as another plant. Just make sure where you are cutting is hard and not soft. You can use root hormone or honey.
Hope I helped : )

Ed

 

yes you did help thank you I just got done repotting it actually but I was wondering how much space it needs from the side of the pot? right now it has at least an inch and a half of space.

 

the spacing in the pot sounds fine. i hope the container has drainage holes! they don't like to be kept in soggy soil - so, a well-draining mix and drainage holes are necessity.

i agree with ed, sounds like it's a bit sunburned. i'd let it be until next spring and then maybe do some pruning to cause it to branch. best time for that is spring, so, now wouldn't be a good time...