I'm somewhat lost on your question. It can't be as simple as it sounds?
$query = "SELECT optionid,value FROM table";
$results = mysql_query($query,$db_connection);
echo "<select name=\"foo\">";
$while ($row=mysql_fetch_array($results)) {
echo "<option value=\"$row[0]\">$row[1]";
}
echo "</select>";
mysql_close($db_connection);