Do you know of any good way/plugin to do this with jquery or any description on how to approach this effectively.

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This seems like what you’re looking for:
“Easy Multi-Select Transfer with jQuery”
http://blog.jeremymartin.name/2008/02/easy-multi-select-transfer-with-jquery.html
Quick snippet, assumes you have two select lists ID’d #select 1 and #select2, as well as two buttons with IDs #add and #remove.