In a communication system in which K nodes communicate with a central sink node, the following problem of selection often occurs. Each node maintains a preference number called a metric, which is not known to other nodes. The sink node must find the 'best' node with the largest metric. The local nature of the metrics requires the selection process to be distributed. Further, the selection needs to be fast in order to increase the fraction of time available for data transmission using the selected node and to handle time-varying environments. While several selection schemes have been proposed in the literature, each has its own shortcomings. We propose a novel, distributed selection scheme that generalizes the best features of the timer scheme, which requires minimal feedback but does not guarantee successful selection, and the splitting scheme, which requires more feedback but guarantees successful selection. The proposed scheme introduces several new ideas into the design of the timer and splitting schemes. It explicitly accounts for feedback overheads and guarantees selection of the best node. We analyze and optimize the performance of the scheme and show that it is scalable, reliable, and fast. We also present new insights about the optimal timer scheme.