Once you've your select field with the values you want you need to add your substitutions to its profile value layout found by editing the field in CB > Field Management then under Parameters > Layouts. Below is an example of a substitution usage to adjust the display based off the fields value. For the purpose of an example i'll use "male" and "female" values and name the field "cb_gender".

[cb:if cb_gender="male"]I am Male[/cb:if]
[cb:if cb_gender="female"]I am Female[/cb:if]

What text you supply is entirely up to you. You can even use HTML if you like. So for example if I wanted an image instead I'd use the below.

[cb:if cb_gender="male"][/cb:if]
[cb:if cb_gender="female"][/cb:if]

Next if you need to alter a select field values based off their gender you can use the below for example.

[cb:if cb_gender="male" and cb_occupation="teacher"]
I am a Male Teacher
[/cb:if]

[cb:if cb_gender="female" and cb_occupation="teacher"]
I am a FemaleTeacher
[/cb:if]

See the bottom of the below substitution tutorial for further IF usage examples.

www.joomlapolis.com/documentation/279-community-builder/tutorials/18353-using-substitutions-throughout-cb