Here is a quick tip on how to quickly make a large picklist from a large repeated list of data in excel.
1) Copy the large list of repeated data into a separate sheet or column
2) Highlight the large list of data and select the data tab
3) Select the "remove duplicates" icon to remove any repeated items leaving just one incidence of each item.
4) Create another column and enter the "Option Names" required and Save as excel (xls) file
5) Within Eloqua enter the setup menu and select "manage picklists"
6) Click "Select List" top right and select "New Select List"
7) Choose a name and select "save"
8) Then select "Select List" top right of top window and select "upload select list"
9) Locate your file and Hay Presto.