<script type="text/javascript">
function changeValue(obj) {
obj.options[obj.selectedIndex] = new Option(obj.options[obj.selectedIndex].text, 7);
}
</script>
<select id="blah" onchange="alert(this.value)">
<option value="1">one</option>
<option value="2">two</option>
<option value="3">three</option>
</select>
<input type="button" value="set selected option value to 7" onclick="changeValue(document.getElementById('blah'))" />