$(function() {
    $("select").click(function() {
        $(this).find("option[value*='Sold Out']").prop("disabled", true);
    });
});

Setting Validate Copy Format

<select id="field_0_1" class="text_select" name="field_0_1" onChange="">
  <option value="">
    - Preferred Time -
  </option>
  <option value="- Sold Out -">
    - Sold Out -
  </option>
  <option value="2:30 - 4:00pm">
    2:30 - 4:00pm
  </option>
</select>
<select id="field_0_2" class="text_select" name="field_0_2" onChange="">
  <option value="">
    - Preferred Time -
  </option>
  <option value="- Sold Out -">
    - Sold Out -
  </option>
  <option value="2:30 - 4:00pm">
    2:30 - 4:00pm
  </option>
</select>
<select id="field_0_3" class="text_select" name="field_0_3" onChange="">
  <option value="">
    - Preferred Time -
  </option>
  <option value="- Sold Out -">
    - Sold Out -
  </option>
  <option value="2:30 - 4:00pm">
    2:30 - 4:00pm
  </option>
</select>

Copy Format

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