ComboBox.SelectedItem returns an instance of the type of objects in the list, so you'll have to cast it to the appropriate type and then select the display property of that instance.
OR
It should be sufficient just to call Combox.Text, but it requires that SelectedItem != null and a defined DisplayMemberPath on the ComboBox.
If you want the Selected text in the open TextBox you can use reflection:
var propInfo = typeof(ComboBox).GetProperty("EditableTextBoxSite", System.Reflection.BindingFlags.Instance | System.Reflection.BindingFlags.NonPublic);
var text = propInfo.GetValue(DataList) as TextBox;
var selText = text.SelectedText;
MessageBox.Show(selText);