I have always used a very elegant solution, similar to the ones already presented, which does not require a lot of additional code.
HTML
<select name="make">
<option value="1:First Option">First Option Text</option>
<option value="2:Second Option">Second Option Text</option>
<option value="3:Third Option Text">Third Option Text</option>
</select>
PHP
$value = split(':', $make)[0];
$text = split(':', $make)[1];
Benefits of this method
Yes, there are definitely similarities to serialworm's answer, yet we minimize the code in our PHP block by inconspicuously converting to an array and picking the element required right away.
In my case, I use this exact short-hand code in a contact form where this one-liner (to get the selected department name) is critical to keeping the code looking clean.