Well, the question is pretty vague but in general you would do something like this:
Html:
<select id="mySelect" name="list" size="1">
<option value="1">Option 1</option>
<option value="2">Option 2</option>
</select>
<span id="tag"></span>
Javascript:
//cache the select and span elements
var mySelect = document.getElementById("mySelect"),
tag = document.getElementById("tag");
//when it changes
mySelect.onchange = function() {
//change the tag innerHTML checking the selected value of the select
tag.innerHTML = mySelect.value === "1" ? "some text" : "some other text";
}
You could change the ternary operator (? :) for a few if statements, if you need more conditions.
Notice that I've added an Id to the <select>. You can avoid the caching part if you want to get the span each time the select changes for some reason
<span=tag>isn't valid HTML. Try<span id="tag">.