You should be able to use the getSelected* commands to return the ID, index, or label of the selected item. Below is quoted from the Selenium Reference:
storeSelectedId ( selectLocator, variableName )
Gets option element ID for selected option in the specified select element.
Arguments:
- selectLocator - an element locator identifying a drop-down menu
- variableName - the name of a variable in which the result is to be stored.
Returns: the selected option ID in the specified select drop-down
storeSelectedIndex ( selectLocator, variableName )
Gets option index (option number, starting at 0) for selected option in the specified select element.
Arguments:
- selectLocator - an element locator identifying a drop-down menu
- variableName - the name of a variable in which the result is to be stored.
Returns: the selected option index in the specified select drop-down
storeSelectedLabel ( selectLocator, variableName )
Gets option label (visible text) for selected option in the specified select element.
Arguments:
- selectLocator - an element locator identifying a drop-down menu
- variableName - the name of a variable in which the result is to be stored.
Returns: the selected option label in the specified select drop-down