Assuming that you're using a combo box as your drop-down:

In the properties window, set BoundColumn and ColumnCount=2. Make your
ListFillRange a two-column range, with the value that will appear in the
drop-down the first column and the numeric value that you want to store in
the LinkedCell the second column. I usually use the cell in which the combo
box is located as the LinkedCell, but that's up to you. Each combo box will
store the numeric value in its linked cell, and you can then average them.

For example, your ListFillRange is the following 3X2 array:

Harpo 3
Groucho 5
Chico 2

After the user chooses Groucho, the LinkedCell will contain 5.

Good luck!

Jim

"i*sam" wrote:

I'm not even sure if Excel can do this...

I have a worksheet with 5 different drop-down lists on it (each with several
options to select from). I want to be able to assign each option a value so
that I can create a cell/formula that will average the values selected.

Can I do this in Excel? How????