<form name="form1" method="POST" action="">

<% selectedValue = Request.Form("list")%>

<SELECT name="list">
<OPTION value=" 1 " <% if selectedValue =  1  then response.write "selected" %>> 1 </OPTION>
<OPTION value=" 2 " <% if selectedValue =  2  then response.write "selected" %>> 2 </OPTION>
<OPTION value=" 3 " <% if selectedValue =  3  then response.write "selected" %>> 3 </OPTION>
</SELECT>
<input type="submit" value="Ok">
</form>

<% 
selectedValue = Request.Form("list")
sqlQuery = "select customer_id, customer_name, from customers order by customer_name"
%>

' коннектимся к базе, и получаем RecordSet rs с данными.

<select name="list">
<%
do while not rs.EOF
    response.write "<option value='" & rs.Fields.Item( 0 ) & "'"
        if rs.Fields.Item( 0 ) = selectedValue then response.write " selected"
    response.write ">" & rs.Fields.Item( 1 ) & "</option>"
    rs.MoveNext
loop
%>
</select>