Index: components/select.inc
===================================================================
--- components/select.inc	(revision 673)
+++ components/select.inc	(working copy)
@@ -152,7 +152,7 @@
   $options = _webform_select_options($component['extra']['items'], $component['extra']['aslist'] !== 'Y');
 
   if ($component['extra']['aslist'] === 'Y' && $component['extra']['multiple'] !== 'Y') {
-    $options = array('' => t('select...')) + $options;
+    $options = array('' => (!empty($component['value']) ? $component['value'] : t('select...'))) + $options;
   }
 
   // Set the component options.