I haven't done much work with HTC's (Hyper Text Components), but I found a pretty sweet component that does exactly what you're thinking of, but it looks really nice too.
Here's the link:
I'm currently trying to figure out how to incorporate another feature of the select component: the value attribute of each option. When used in a form, this HTC seems to merely pass the value of text in the variable on submit -- treating it just like a textbox.
I don't know if there is a fix for this, but one would be much appreciated.
Thanks & Enjoy,