A select list has both a value that is displayed to the user and a value that is passed back to the server in the form post. So you could use some sort of delimiter in the posted value to get both values sent back and then parse them at that point:
<select id="myselectlist" >
<option value="foo|bar">foo</option>
<option value="foo2|bar2">foo2</option>
</select>
But better yet would be to pass back an ID value which you could then use to know which item was selected from a database and also use it to look up the second related item:
<select id="myselectlist" >
<option value="123">foo</option>
<option value="124">foo2</option>
</select>
Your database might look like this:
ID DisplayValue OtherData
123 foo bar
124 foo2 bar2