Here’s some typical handyman wiring. This is the kind of thing home inspectors encounter all the time. The jacket of the line feeding the dryer plug is split and taped poorly back together. That’s a 240 volt circuit, with only the insulation around the individual wires left to protect you. The best part is, we’re about 3 feet from the main panel. Just replace it! While we’re at it, lets patch those holes in the foundation where the AC lines come in. As does cold air, moisture, insects and maybe critters.