You can set the Text property of a ComboBox wherever you like, although you should generally not be using it at all for a bound control. You should be using the SelectedIndex, SelectedItem and SelectedValue properties in the vast majority of situations.
Having said that, if you do set the Text property, or one of the others, in an event handler of the ComboBox itself then you may end up in an infinite loop of setting the property and raising the same event. The best way to accomplish your aim depends on that aim and, since you haven't specified what that is, it's not possible to speculate.
Also, please post in the most appropriate forum for the topic. The VS.NET Genereal forum is for general questions about VS.NET. This thread is not about that subject so it doesn't belong there. The Windows Forms forum is for questions realting to Windows Forms and since the ComboBox is a Windows Forms control that is where it belongs. Please make the effort in future to help keep the forums as orderly as possible so they are easy to use for everyone.
Moved.