I noticed that although there's an InputfieldSelect module, there wasn't a FieldtypeSelect that would produce a drop down list (via a "select" input) that would allow you to define a list of options in the field's configuration. (Somewhere in this forum, I saw that the "Page" fieldtype was suggested to do this - and it works - but it didn't seem as easy as it should be.) So, I went ahead and created a module to do it! After installing, you'll have a new "Select" fieldtype that will allow you to define the items you'd like in the drop down. You'll be able to define these options in a text box on the field's configuration screen. Just put each option on it's own line. Hope this helps someone out! Let me know if you experience any issues with it, find any bugs or if you have some ideas on improvement.
EDIT: The module is now on github: https://github.com/Hani79/Processwire_FieldType_Select_Drop_Down (Thanks for the prompt to put it up there, Soma.)