I have a list with a dropdown the has the following
What i would like it when a user selects say Gold, it shows a image of a gold medal in a column next to it in the same list
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There is a quick trick, A Calculated Column set to Datatype=Number will be interpreted as HTML; so you can use:
="<img src='PATHTOIMAGE/IMAGE_" & [ColorColumn] & "'>"
which will display images IMAGE_Gold IMAGE_Silver IMAGE_Bronze
This ofcourse requires images in a document or picture library somewhere. Don't forget to set the Calculated Column to datatype=Number, or you will see the HTMLcode displayed.
Plus.. it won't work in Display/Edit forms. To prevent the Calculated Column to show up on those forms hide it. One quick way is to NOT add the Calculated Column to contenttypes (option at the bottom of the Calculated Column create screeen)