So are these dynamic dropdowns using JavaScript? or are you building them via PHP?
If you are building them via PHP, then all you need to do is use strtotime() which converts many different strings to a timestamp or to get the current timestamp you can use the time() function. Then the date() function has two parts, the first is a string of how to format the date, the second is the timestamp you want formated.
You can get a full description of each of these functions at www.php.net the search defaults to the functions list.
Let me know if you need more...
PHPdev