Need to know how to work on the Selecting dropdown values

I am planning to select the values from dropdown.

My dropdown has following values: Open, Cancelled

I want to check if my dropdown value is Open go ahead and select Cancelled then click Save 

If my dropdown has Canceled go ahead and select Open then click on Save,

How to work on this.

I am using IE....

Example:  If TestObj.value="Open" then TestObj.clickitem("Canceled")

else TestObj.ClickItem("Open")