DataSet ds = dropdown.DataSource;
DataTable dt = ds.Tables[0];
DataRow dr = dt.Rows[dropdown.SelectedIndex];
At this point, you have the bound data row for the selected item, and you can get to all the columns in the row.
EDIT ===============
To filter the dataset, use linq. Continuing with my previous example:
DataTable dt2 = (from item in dt.AsEnumerable()
where Convert.ToString(item["columnname"]) == "123"
select item).CopyToDataTable();