It is jQuery UI SelectMenu Plugin
<html xmlns="http://www.w3.org/1999/xhtml">
<head id="Head1" runat="server">
    <title>Untitled Page</title>
    <script type="text/javascript" src="http://ajax.googleapis.com/ajax/libs/jquery/1/jquery.min.js"></script>
    <script src="http://ajax.aspnetcdn.com/ajax/jquery.ui/1.8.9/jquery-ui.js" type="text/javascript"></script>
    <link href="http://ajax.aspnetcdn.com/ajax/jquery.ui/1.8.9/themes/blitzer/jquery-ui.css"
        rel="stylesheet" type="text/css" />
    <script type="text/javascript" src="http://jquery-ui.googlecode.com/svn/branches/labs/selectmenu/ui.selectmenu.js"></script>
    <link rel="Stylesheet" href="http://jquery-ui.googlecode.com/svn/branches/labs/selectmenu/ui.selectmenu.css"
        type="text/css" />
    <script type="text/javascript">
        $(function () {
            $("[id*=DropDownList1]").selectmenu({
                style: 'dropdown',
                menuWidth: 400,
                format: addressFormatting
            });
            var addressFormatting = function (text) {
                var newText = text;
                //array of find replaces
                var findreps = [
				{ find: /^([^\-]+) \- /g, rep: '<span class="ui-selectmenu-item-header">$1</span>' },
				{ find: /([^\|><]+) \| /g, rep: '<span class="ui-selectmenu-item-content">$1</span>' },
				{ find: /([^\|><\(\)]+) (\()/g, rep: '<span class="ui-selectmenu-item-content">$1</span>$2' },
				{ find: /([^\|><\(\)]+)$/g, rep: '<span class="ui-selectmenu-item-content">$1</span>' },
				{ find: /(\([^\|><]+\))$/g, rep: '<span class="ui-selectmenu-item-footer">$1</span>' }
			];
                for (var i in findreps) {
                    newText = newText.replace(findreps[i].find, findreps[i].rep);
                }
                return newText;
            }
        });
    </script>
</head>
<body>
    <form id="form1" runat="server">
    <asp:DropDownList ID="DropDownList1" runat="server" Width="200">
        <asp:ListItem>John Doe - 78 West Main St Apt 3A | Bloomsburg, PA 12345 (footer text)</asp:ListItem>
        <asp:ListItem>Joseph Doe - 78 West Main St Apt 3A | Bloomsburg, PA 12345 (footer text</asp:ListItem>
        <asp:ListItem>Mad Doe Kiiid - 78 West Main St Apt 3A | Bloomsburg, PA 12345 (footer text)</asp:ListItem>
    </asp:DropDownList>
    </form>
</body>
</html>
Ref: http://jquery-ui.googlecode.com/svn/branches/labs/selectmenu/index.html
Blog: http://filamentgroup.com/lab/jquery_ui_selectmenu_an_aria_accessible_plugin_for_styling_a_html_select/