Вроде так:
<label>Model:
<select id="sls" name="option[19][value]" onchange="sc()">
<option value="hdd1000,70.00">HDD 1000GB</option>
<option value="hdd500,60.00">HDD 500GB</option>
<option value="hdd250,50.00">HDD 250GB</option>
</select>
</label>
<a id="link" href="info/hdd_1000gb.html" rel="facebox"><img alt="Information" border="0" src="images/i.png" /></a>
<script type="text/javascript">
function sc()
{
var opt = document.getElementById('sls').getElementsByTagName('option');
for(var i=0; i<opt.length; i++)
if(opt[i].selected)
document.getElementById('link').setAttribute('href', "info/" + opt[i].innerHTML.replace(" ", "_") + ".html");
}
</script>