There are two different ways you could do this (well, two that come to my mind). Neither are specific to Sql Server.
First, is to create a table which holds the values that go into the dropdown. This would be a very simple table such as
DayOfWeek
Name varchar(9) PK
and then reference it in other tables via a foreign key relationship
Hours
Id UniqueIdentifier PK
Day varchar(9) FK
...
The other way is to define an enum in your application
public enum DayOfWeek { Monday, Tuesday, Wednesday, /*etc*/ }
and then save this as an int in your database (yes, you could use a different data type):
Hours
Id UniqueIdentifier PK
Day Int
...
If you expect the list to fluctuate at all, the first technique is better. If you expect the list to be static, the second one is usually easier to deal with in code.