This should return the text value of the selected value
var vSkill = document.getElementById('newSkill');
var vSkillText = vSkill.options[vSkill.selectedIndex].innerHTML;
alert(vSkillText);
Props: @Tanerax for reading the question, knowing what was asked and answering it before others figured it out.
Edit: DownModed, cause I actually read a question fully, and answered it, sad world it is.