Как это?
http://jsfiddle.net/rdeww/1/
JQ
$('#one').change(function () {
var selected = $(this).find(':selected').val();
if(selected != 1) {
$('#two').attr('disabled','disabled');
} else {
$('#two').attr('disabled',false);
}
});
HTML
<select id="one">
<option value="1">Dont disable</option>
<option value="2">Disable</option>
<option value="3">Disable</option>
<option value="4">Disable</option>
<option value="5">Disable</option>
</select>
<select id="two">
<option value="1">Random select</option>
<option value="2">Random select</option>
<option value="3">Random select</option>
<option value="4">Random select</option>
<option value="5">Random select</option>
</select>