Edit in JSFiddle

var menu = document.getElementById("menu"),
    inputs = document.getElementsByClassName("inputs"),
    forEach = Array.prototype.forEach;
menu.addEventListener("change", function(){
    forEach.call(inputs, function(input){
        var id = input.id,
            posGuion = id.indexOf("_") + 1;
        input.style.display = id.substr(posGuion) == menu.value || menu.value == "*" ? 
                              "block" : "none";
    });
}, false);

<select id = "menu">
    <option>Seleccione una opción</option>
    <option value = 1>Uno</option>
    <option value = 2>Dos</option>
    <option value = 3>Tres</option>
    <option value = "*">Todos</option>
</select>
<div>
    <input type = "text" id = "input_1" class = "inputs" placeholder = "Input 1" />
    <input type = "text" id = "input_2" class = "inputs" placeholder = "Input 2" />
    <input type = "text" id = "input_3" class = "inputs" placeholder = "Input 3" />
</div>

.inputs{
  display: none;
  text-align: center;
}