\вариант
<html>
<head>
<meta charset="utf-8">
<style type="text/css">
body { margin:0px; }
</style>
<script type="text/javascript">
function l(event) {
var el = event.target || event.srcElement;
alert(el.innerHTML);
}
</script>
</head>
<body>
<ul onclick="l(event)">
<li>select 1</li>
<li>select 2</li>
<li>select 3</li>
<li>select 4</li>
<li>select 5</li>
</ul>
</body>
</html>