I think the code below describes it better.

    Area = <font id=f></font>   
    <select id=state onclick="window.f.innerHtml='<b>' + 
document.f1.state.value + '</b>';" >
    <option value=a>a
    <option value=a>b
    <option value=a>c
    <option value=a>d
    <option value=a>e
    <option value=a>f
    <option value=a>g
    </select>
     

 this code works in IE 4.0 or later. but what is the solution to implement 
the same in javascript. I WANT TO USE FONT TAG ONLY.