A ComboBox will bind to whatever object collection you specify, as opposed to simply having a text/value combination that you find in DropDownLists.
What you'll need to do is go into the ComboBox's Items collection, find the item you want to update, update whatever property you have being bound to the Text field in the ComboBox itself and then the databinding should automatically refresh itself with the new item.
However, I'm not 100% sure you actually want to modify the underlying data object being bound, so you may want to create a HashTable or some other collection as a reference to bind to your ComboBox instead.