The easiest way is to just code the html tags

<select name="states">
   <option value="NSW">New South Wales</option>
   <option value="Qld" selected="selected">Queensland</option>
   <option value="Vic">Victoria</option>
</select>

<% var states = new[]{
       new {abbrev="Vic", full="Victoria"},
       new {abbrev="NSW", full="New South Wales"},
      new {abbrev="Qld", full="Queensland"}
   }; %>
<%=Html.DropDownList("States",new SelectList(states, "abbrev", "full", "NSW")) %>