Even if you have only the HTML text, you can still use the DOM to parse it. For example, using a temporary element to inject the HTML and traverse the options:

function extractOptions(html) {
  var el = document.createElement('div'), // temporary element
      result = [], select, option;

  el.innerHTML = html; // inject html
  select = el.getElementsByTagName('select')[0]; // get the first select element

  for (var i = 0, n = select.options.length; i < n; i++) { // loop options
    option = select.options[i];
    result.push({value: option.value, text: option.innerHTML});
  }
  return result;
}

// assuming that text contains the HTML string as in your example

var options = extractOptions(text);

// [{"value":"blah","text":"one"},
//  {"value":"mehh","text":"two"},
//  {"value":"rawr","text":"three"}]

Check the above example here.

this is already done for you in the HTML DOM

var myselectoptions = document.getElementByName("test").options;

for (var i = 0; i <= myselectoptions.length; i ++) {
  alert(myselectoptions[i].text);
  alert(myselectoptions[i].value);
}

Basically this code will capture the text and value in an array from the HTML DOM and alert each value for you.

Here is a link for some documentation on select elements .options

Afaik there's no cross-browser way to do this with just regular expressions. However, here's a kind of wacky approach (bear with me for a minute of explanation).

JavaScript's String.replace method can accept a function as the replacement, instead of a format string. The function is evaluated for each match of the full regex, so you could (ab)use this feature to repeatedly do something arbitrary with each match. Here's an example that would add each select to an array:

var matches = [];
var selectPattern = /<option .+?>([^<]+)<\/option>/;
body.replace(selectPattern, function(match) {
    matches.push(match);
});

I think using a hidden DOM node would be preferable for this (see also) but sometimes an "alternative" approach is fun too :)

This is all about the submatch in javascript. For your string, regexp is simple

/>(\w+)</

Now we push submatches into an array,

var matches = [];
var str = '<option value="blah">one</option><option value="mehh">two</option><option value="rawr">three</option>';

var tmp;

do { 
    tmp = str;
    str = str.replace(/>(\w+)</,function($0,$1){
        matches.push($1);           
        return $0.replace($1,"");
    });

 } while(tmp!=str);

alert(matches);