Am i wrong or am i right? I've seen that in some text cached version of some of my clients site on Google and Yahoo that forms elements have been crawled and are shown as text that has been seen by the spider.
I was not drunk, believe me :D

a while ago I have seen words from a dropdown menu cause the page to rank for said terms.

I do not think the major search engines execute forms though, other than perhaps the upcoming http://www.dipsie.com

but I have not heard anything about it in a long time

anybody notice dipsie has some beta seo thingie???
http://www.dipsie.com/seo/

anybody notice dipsie has some beta seo thingie???
http://www.dipsie.com/seo/
Hey seobook, I never heard this one, I have signed-up our company to see what
Dipsie.com has to say since it was a free trial

Who knows?

Cheers

WC

...forms elements have been crawled...

This has been going on at least since mid-2002, when I first noticed it on a client site. A spider's crawling and indexing these elements, though, is not the same as the spider executing the form.

You can easily check this out on some domains, by the way. Just do a site search on Google for a term that's only in the pulldown. Travel booking engines, eg, are likely to have terms that don't show up elsewhere on a site.