PHP/MYSQL Driven Option Fields for Profile

Registration/Profile Fields allow you to add a field and options, but I was wondering if there was some way I can make the options dynamically driven from the database or elsewhere. An example would be something like this sudo code:

php output is:

theme’s functions.php file (or wherever makes sense) has:

function getPreferredVendorOptions()
	{
	$output = '';
	$result = mysql_query("SELECT * FROM `vendor`;") or die(mysql_error());
	while($row = mysql_fetch_array( $result ))
		{
		$output .= $row['id'].'|'.$row['name']; // option ID, Pipe, Option Text per s2 select format
		}
	echo $output;
	}

Of course let me know if there is a better way to go about doing this, but any help is appreciated!