how can i get the Value / Text of a <li> item ? 
I found on the internet much ways to get the value for a dropdown list. 
But not for a <li> item. 
This is what I have tried so far:
var listt = document.getElementById('content1'); 
var selectedvalue = [listt.selectedIndex].text;
                You can use the innerText property for most browsers, but the textContent property for Firefox:
<ul>
    <li id="myLi">Hello, world</li>
</ul>
var li = document.getElementById("myLi")
console.log(li.textContent || li.innerText);
Here is a fiddle to demonstrate.
If you are using jQuery (you say you are, but I see no evidence) it would be as simple as using the .text() function:
$("#myLi").text();
If your <li> contains HTML markup too, you may want that. In this case you need to use the innerHTML property:
document.getElementById("myLi").innerHTML;
Again, jQuery has it's own equivalent .html() which caters for all sorts of different browsers:
$("#myLi").html();
                        Assuming myLi is a reference to the <li> element you want to get the text of, it's as simple as:
myLi.innerText
Note that <li> elements don't have values, because they're not inputs. They have content which can be a string of text or HTML defining other page elements. If your <li> element contained other elements, and you wanted the HTML of those as a string, you could instead do:
myLi.innerHTML
What's the difference? Let's assume your HTML looked like this:
<li><span>Some text</span></li>
Then
console.log(myLi.innerHTML); // outputs: <span>Some text</span>
console.log(myLi.innerText); // outputs: Some text
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