Ciao orphengt,
ti faccio un esempio
codice:
<form>
<select name="NomeSelectbox">
	<option value="1">uno</option>
	<option value="2">due</option>
	<option value="3">tre</option>
	<option value="4">quattro</option>
	<option value="5">cinque</option>
</select>
<input type="button" name="NomeButton" value="elimina" onclick="this.form.NomeSelectbox.options[this.form.NomeSelectbox.selectedIndex]=null">
</form>