Well, the solution most likely depends on what kind of dropdown list you're using.
If you're using a drop-down ("combobox") from the Controls Toolbox, you can code a Change event that will set any cell's value to whatever you want. For example:
Private Sub ComboBox1_Change()
Range("C5").Value = Left(ComboBox1.Value, 1)
End Sub
If you are using a data validation drop-down list, you could use a Worksheet_Change event to do something similar, although you couldn't have the validation drop-down list and result in the same cell.
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