Add items to dropdown list as new records are added

Add items to dropdown list as new records are added

I would like to add items to a drop-down list as new records are added to my database, as follows:

1. Start entering new record
2. Is the value I want in the drop-down list? If so, select it. If not, select 'Other' and type it in
3. Save record
4. Go to add new record. Click on drop-down list and see the item that I entered in step 2, along with the ones that were there previously.

Is that possible?

Thanks,

Jon.