I AM NOT AN ELECTRICIAN!
Ok, that's out of the way. Yes, that's messed up. Resetting the breaker sure can't hurt.
I would want to check the tightness of connections -- for example at the panel, the receptacle and any connections between. You might also measure voltage without the receptacle in there (i.e., voltmeter on the bare wires) to make sure the receptacle is good. Then I'd try to trace the circuit back and identify all the devices on it... and check each of those devices and connections.
Seeing as this is a kitchen/wet area, there is also likely a GFI involved somewhere... These do go bad... so check the voltage on the line and load side of the GFI if you find one.
The dishwasher/disposer are likely on 2 different circuits (with the little tab on the receptacle snipped). Make sure you're cutting the right circuit(s) at the panel! Make sure both of those circuits are dead before you start pulling stuff apart.