Selected configuration interaction ͑SCI͒ for atomic and molecular electronic structure calculations is reformulated in a general framework encompassing all CI methods. The linked cluster expansion is used as an intermediate device to approximate CI coefficients B K of disconnected configurations ͑those that can be expressed as products of combinations of singly and doubly excited ones͒ in terms of CI coefficients of lower-excited configurations where each K is a linear combination of configuration-state-functions ͑CSFs͒ over all degenerate elements of K. Disconnected configurations up to sextuply excited ones are selected by Brown's energy formula,with B K determined from coefficients of singly and doubly excited configurations. The truncation energy error from disconnected configurations, ⌬E dis , is approximated by the sum of ⌬E K s of all discarded Ks. The remaining ͑connected͒ configurations are selected by thresholds based on natural orbital concepts. Given a model CI space M, a usual upper bound E S is computed by CI in a selected space S, and E M = E S + ⌬E dis + ␦E, where ␦E is a residual error which can be calculated by well-defined sensitivity analyses. An SCI calculation on Ne ground state featuring 1077 orbitals is presented. Convergence to within near spectroscopic accuracy ͑0.5 cm −1 ͒ is achieved in a model space M of 1.4ϫ 10 9 CSFs ͑1.1ϫ 10 12 determinants͒ containing up to quadruply excited CSFs. Accurate energy contributions of quintuples and sextuples in a model space of 6.5ϫ 10 12 CSFs are obtained. The impact of SCI on various orbital methods is discussed. Since ⌬E dis can readily be calculated for very large basis sets without the need of a CI calculation, it can be used to estimate the orbital basis incompleteness error. A method for precise and efficient evaluation of E S is taken up in a companion paper.