Something like this?

Code:
<script type="text/javascript"><!--
  function showOption(option) {
    alert(option);
  }
//--></script>
<select onchange="showOption(this.options[this.options.selectedIndex].value);">
  <option value="Option 1">Option 1</option>
  <option value="Option 2">Option 2</option>
  <option value="Option 3">Option 3</option>
  <option value="Option 4">Option 4</option>
</select>