Is there a way I can ensure that only
one of these values can be entered
inside the element?
Yes, with an XML Schema Definition (XSD) containing an XML Enumeration. Here is an example one for currencies:
<xsd:simpleType name = "iso3currency">
<xsd:restriction base = "xsd:string">
<xsd:enumeration value = "AUD"/><!-- Australian Dollar -->
<xsd:enumeration value = "BRL"/><!-- Brazilian Real -->
<xsd:enumeration value = "CAD"/><!-- Canadian Dollar -->
<xsd:enumeration value = "CNY"/><!-- Chinese Yen -->
<xsd:enumeration value = "EUR"/><!-- Euro -->
<xsd:enumeration value = "GBP"/><!-- British Pound -->
<xsd:enumeration value = "INR"/><!-- Indian Rupee -->
<xsd:enumeration value = "JPY"/><!-- Japanese Yen -->
<xsd:enumeration value = "RUR"/><!-- Russian Rouble -->
<xsd:enumeration value = "USD"/><!-- US Dollar -->
<xsd:length value = "3"/>
</xsd:restriction>
This restricts the value of the element to one of the listed enumeration values and a length of 3.
To use it, you have to pass your XML and XSD through a validator. An example of how to do this in .NET is here:
HOW TO: Validate XML Fragments Against an XML Schema in Visual C#.NET
http://support.microsoft.com/kb/318504