I should be able to type in the combobox say Mike and if i click the dropdown icon the record should point to first found Mike and should get incremented according to search.

Set the combo's style = 2-Drop Down List. Add a custom property called nOldDblClick to your combo class and set it to 0. Code like this in GotFocus():

WITH This
  *** Facilitate incremental searching in the drop down
  IF VERSION( 5 ) > 699
    *** We are in VFP 7.0 or later
    .nOldDblClick = _INCSEEK
    _INCSEEK = 1.5
  ELSE    
    .nOldDblClick = _DBLCLICK
    _DBLCLICK = 1.5
  ENDIF
ENDWITH

Code like this in the combo's LostFocus():

*** We now need code to check the version number here because VFP 7
*** Does not use _DBLCLICK for Incremental Search
IF VERSION( 5 ) > 699
  _INCSEEK = This.nOldDblClick
ELSE    
   _DBLCLICK = This.nOldDblClick
ENDIF