In terms of IE's API, you can get the select text by getting the selection object via IHTMLDocument2::Selection the property, then create a range object via IHTMLSelectionObject::createRange. If the return range's type property is "Text", you can then query IHTMLTxtRange from it and get the selected text via IHTMLTxtRange::text.
It is unclear which webbrowser control you are referring to. There are 3 webbrowser controls in the .Net Framework, one in Windows Forms, one in WPF, and one in Silverlight. Anyway, you can call InvokeScript or use the unmanaged interface like csexwb's GetSelectedText, if one of the method is supported by your control library.
Next time mention which control library you are using when you ask the question. Merely mentioning the language you choose isn't enough to resolve the ambiguity in class names.