Drop down fields have lists of options behind them
To add a new value, you need to amend the list of options for it
For Custom fields, Pedro has answered the question.
There are some system fields though, which are different. Components and Versions are handled by the project administrators. Priority and Resolution are global lists. You need to go to Administration -> Priorities to maintain the list of priorities (and remember that global means any changes will affect ALL uses of the field)
You just need to edit the custom field and choose the Options. They will be the values that will show up in the issues.
For more details, check https://confluence.atlassian.com/display/JIRA/Configuring+a+Custom+Field
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