From my JSP I get th values from the database in this listbox. Now the users should have the ability to "update" the values in this listbox if they want. So ideally they should be able to click on the options in selectbox and edit it.
it is fully depends on what you ready to compromise.
1. you use select, and when user clicks on it, you display a popup div with edit element, allowing user to enter the value. When div looses focus, you hide it and chnage the text of the option.