Vous devez soumettre le formulaire.
<form action="xxx.php" class="well" id="xxx" name"xxx" method="post">
<select name="extrafield5">
<option value="NOW" selected="selceted">Submit order now</option>
<option value="REVIEW">Submit my order for review</option>
</select>
<input type="submit" name="submit" value="Submit"/>
</form>
Et récupérez-le en PHP :
if (isset($_POST['submit'])){
if (isset($_POST['extrafield5'])){
$extrafield5 = $_POST['extrafield5'];
}
else {$extrafield5 = '';}
}