Get text and select values

Get text and select values

How can I copy the contents of a div and put it into a textarea while changing the select tags for the chosen option?
Example, take the following HTML:

<select><option>am</option><option value=":abbr: title='Ante Meridium' lang='en':AM:/abbr:">Ante Meridium</option></select> going to visit the <select><option>US,</option><option value=":abbr: title='United States' lang='en':US:/abbr:">United States</option></select> with all the rest of <select><option>us</option><option value=":abbr: title='United States' lang='en':US:/abbr:">United States</option></select> in a big party of <select><option>DSc</option><option value=":abbr: title='Doctor of Science' lang='en':DSc:/abbr:">Doctor of Science</option></select> holders. The <select><option>US</option><option value=":abbr: title='United States' lang='en':US:/abbr:">United States</option></select> can also be written as <select><option>USA</option><option value=":abbr: title='United States of America' lang='en':USA:/abbr:">United States of America</option></select> or U.S.A, in case you are interested in that uninteresting fact.

I want to be able to press a button which removes all the select tags and replace it with the option chosen by the user and also paste the result into a textarea.