is there any problem to innerHTML between <select> </select>

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Hello
is there only way to totally replace the <option>'s inside the select is by creating them?
can't i just innerHTML premade string of options inside the select object?

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ok one more question , can i get all the object + its inside objects with innerHTML ?
i mean .. if i have :
<select name="foo" id="foo">
<option></option>
<option></option>
<option></option>
</select>
i will like to have all of the select as string and not only its options ..that is what im getting if i use
foo.innerHTML.
thanks