Severe Foot Blister - Cut skin away or wait?

I couldn't tell you what you should do...and hard to say without seeing it...but if was me and a flap of loose skin..I'd sterilize a small pair of scissors and cut at least a good portion of the top of the flap of skin off...as you describe it, its dead skin. I would just not cut too close to the regular skin on foot. A doctor or foot doctor is prob the best choice especially as those of us here have no real idea of how it looks, plus a doctor would have the proper tools to do it too