Is it possible to create a custom picklist field with different value and name. Eg on the page layout Orange,Banana value saved in db 0,1. Thanks
No, it's not.
You need a second field to achieve this functionality, probably a formula field but you could also have a text / number field which is updated via workflow.
The formula would look something like this:
You would need to use VF to do this as you can't do this on the standard page. You can take a look at the documentation here.