The old HTML select box control is really getting old with Rich Internet Applications coming in from various vendors, such as extjs, javafx, or flex. But still HTML has a lot to say, but it comes at a hard price : displaying specific option image in a pure HTML select is not the easiest task an interface developper can achieve !!
the only real select replacement we could find is another jquery custom select that creates select boxes with option images based on icon attribute. Come with a serious bug in its current version though : will duplicate options in first select when more than 1 select is activated in the same page.
Another select box replacement for images options is available from webFX but it only works on Internet Explorer.