How to get the selected item from UL using jQuery?

<script src="jquery-1.6.2.js" type="text/javascript"></script>
    <script type="text/javascript" language="javascript">
        $(document).ready(function () {
            $('#myUl li').click(function () {
                $('#myUl li').removeClass('selected');
                $(this).addClass('selected');
            });
        });
    </script>
    <style type="text/css">
        .selected
        {
            color: red;
            background-color:Yellow;
            width:100px;
        }
    </style>
 <div>
    <h1>College Courses</h1>
        <ul id="myUl">
            <li>BASIC</li>
            <li>PGDCA</li>
            <li>MBA</li>
            <li>MCA</li>
            <li>B-TECH</li>
            <li>M-TECH</li>
        </ul>
    </div>