This function has been built in for a long time, but the documentation of it is very hidden, so I hope I with this post will inspire more people to use it.
This is very usefull if you like to have a selectbox with hard values in, meaning that the content of the select box will not change other than when you deploy the next time.
The property is called PropertyAppSettings and it works like this.
First create a new appsettings in web.config that looks like this
<add key="BackgroundColor" value="White;#fff|Black;#000|Blue;#0276FD"/>
And then in your content type definition you just write
[Display(Name = "Background Color",
Description = "Select the background color of the page",
Order = 1)]
[BackingType(typeof(PropertyAppSettings))]
public virtual string BackgroundColor { get; set; }
The important thing is that your property must be named exactly the same as your key in the appsettings. After that you will have a property that will look something like this in the editor
Hopes this help someone.