Does an existing unprotected conductor need to be immediately rewired?
My guess is this is a retrofit ground wire, added to upgrade a two-prong receptacle to a three-prong.  If this is the case, the wire would go from the ground terminal on that receptacle to another ground - the code allows several things for the other ground.  It should not be orange, instead green or bare, and it should be installed in a more "neat and workmanlike" manner, but if it does ground the receptacle, it's a good thing.  

If it's not, it's pretty weird, a code violation, and a hazard that I'd give prompt attention.  

To determine what it is, you'd need to kill power and look at what's going on inside that box, and determine where the other end of that wire goes.