One options will be to show the selected option above (or below) the select list like following:
HTML
<div id="selText"><span> </span></div><br/>
<select size="4" id="mySelect" style="width:65px;color:#f98ad3;">
<option value="1" selected>option 1 The Long Option</option>
<option value="2">option 2</option>
<option value="3">option 3</option>
<option value="4">option 4</option>
<option value="5">option 5 Another Longer than the Long Option ;)</option>
<option value="6">option 6</option>
</select>
JavaScript
<script src="http://ajax.googleapis.com/ajax/libs/jquery/1.2.6/jquery.min.js"
type="text/javascript"></script>
<script type="text/javascript">
$(document).ready(function(){
$("select#mySelect").change(function(){
//$("#selText").html($($(this).children("option:selected")[0]).text());
var txt = $($(this).children("option:selected")[0]).text();
$("<span>" + txt + "<br/></span>").appendTo($("#selText span:last"));
});
});
</script>
PS:- Set height of div#selText otherwise it will keep shifting select list downward.