My answer is similar to @pythonFoo's but I've assumed a static price and separated the JS from HTML:
HTML:
<table>
<tr>
<td>
<select id="quantity">
<option value="1">1</option>
<option value="2">2</option>
<option value="5">5</option>
</select>
</td>
<td>price: <span id="price">$2.50</span></td>
<td>total: <span id="total">$2.50</span></td>
</tr>
</table>
JavaScript (again, assumes the value in 'price' is constant and you're just choosing 'quantity'. If this isn't the case, please clarify your question):
var quantitySelect = document.getElementById("quantity");
var priceStr = document.getElementById("price").innerHTML;
var price = parseFloat(priceStr.substring(1), 10);
quantitySelect.onchange = function() {
var quantity = parseInt(this.value, 10);
var total = document.getElementById("total");
var computedTotal = price * quantity;
total.innerHTML = "$" + computedTotal.toFixed(2);
};
You would include the JavaScript in the <head> tag of your page, under a <script type="text/javascript"> tag.
See a working example here: http://jsfiddle.net/andrewwhitaker/agepm/