jQuery ui sortable & selectable wating jQueryUi 1.9 milestone, i put together piece of code here and there (from the web) as a workaround to get an element both sortable and selectable. Be careful... This is really a workaround..

gistfile1.js

/**
 * Disable sortable while target element fired
 * - mouseover event AND
 * - CTRL keydown
 */
var jid_element = "#" + myElement;
var isCtrl = false;
var isOver = false;

$(jid_element).mouseover(function() {isOver = true});
$(jid_element).mouseout(function() {isOver = false});

$(document).keyup(function (e) {
  if(e.which == 17) {
    isCtrl=false;
    isOver=false;
    $(jid_element).sortable({disabled:false});
  }
});
$(document).keydown(function (e) {
    if(e.which == 17) isCtrl=true;
    if(isCtrl && isOver) {
      $(jid_element).sortable({disabled:true});
      $(jid_element).selectable();
      return false;
    }
});