You can probably use the 'Select' class that comes with WebDriver. You can select one based on visible text.
Select select = new Select(driver.findElement(By.xpath("//path_to_drop_down")));
select.deselectAll();
select.selectByVisibleText("Value1");
You can use xpath or maybe cssSelector or name or id locators. To get the first selected value:
WebElement option = select.getFirstSelectedOption()
Or maybe use WebDriver default functions like below.
driver.findElement(By.id("id_dropdown_menu")).click();
driver.findElement(By.xpath("xpath_of-element")).click();