select {
        border: 1px solid #65A6BA;
        font-size: 11px;
        margin-left: 22px;
        width: 166px;
    }

<select>
        <option value="1">Some text</option>
        <option value="2">Text Larger Than the Width of select</option>
        <option value="3">Some text</option>
        <option value="4">Some text</option>
        <option value="5">Some text</option>
    </select>

select {
        border: 1px solid #65A6BA;
        font-size: 11px;
        margin-left: 22px;
        width: 166px;
        overflow:visible ;
    }

select:focus { width:auto ;
position:relative ;
}​

$el = $("select.fixedWidth");
$el.data("origWidth", $el.outerWidth())

$el.mouseenter(function(){
    $(this).css("width", "auto");
  })
  .bind("blur change", function(){
    el = $(this);
    el.css("width", el.data("origWidth"));
  });