An alternative to disabling it is to pop-up a transparent div over the drop-down. Then it's still visible, but the user wont' be able to select a different item since they can't click through a div ๐ I have never used this trick; however, I have run into this on occasion dealing with horizontal navigation via CSS.
To go a little further, you'd essentially have this:
<div>
<div id="hider"></div>
<select name="x_hold" onchange="CheckValue(this.value)">
</select>
</div>
Then you'd give the hider div an absolute position of top: 0 and left: 0 which should put it at the top-left of the unnamed div. Then when they select the 3rd item, just make the hider 100% width and 100% height and maybe opacity=70% and grey and give it a z-index of 99. It will then pop "above" the select box and effectively disable the ability to change it's value. And since you're not disabling it, it's automatically put in the $_POST array ๐