I have a report with & variables that prompt for values when I run the reports. I manually enter the values and run the report. Is there a way to show a list of values in drop down or list box to choose from for these parameters? Preferably the list gets populated from Oracle DB tables.

If you have DevStudio, it can help you build a form based on the parameters passed to the report. By pointing and clicking you can change the default text boxes to drop-down list boxes and specify which table and columns you would like to populate the drop-down list with.

If you don't have DevStudio, you can use MRE to publish an HTML form. You can then write WebFOCUS code to create the options that go in the Drop-down lists and include the HTML form page in said WebFOCUS program.

Try this:
-PROMPT &THISYEAR.(2004,2005,2006).Which Year to compare to prior(s)?.
instead of
-DEFAULT &THISYEAR=2004;

We'll start you off with the easiest way.
then you can move on to making a formal launch page, using the PUBLISH feature and editing the html launch page that results from the PUBLISH function.

Also, search the forum for the post on "State and County Dropdowns."

I put some example code in there that may or may not help you out.