function setImg(){
var imageSrc = document.registerForm.photo.value;
document.registerForm.img.src = imageSrc;
}
<select name="photo" οnchange="return setImg()" >
<option value="images/img1.png" >吴磊</option>
<option value="images/img2.png" >倪妮</option>
</select>
<img name="img" src="images/img1.png" width="60px" height="65px">