Example: jsfiddle.net/h5sE6/
css:
ul {
    float: left;
    margin-right:20px;
}
ul li {
    height: 3em;
    border: 1px solid #ff0000;
    width:200px;
}
html:
<ul>
    <li> Some text</li>
    <li>Some text<br />some more text</li>
    <li>some test text3</li>
    <li>even more text<br />and more</li>
</ul>
<ul>
    <li> Some text</li>
    <li>Some text<br />some more text</li>
    <li>some test text</li>
    <li>even more text<br />and more</li>
</ul>
This is trivial with vertically aligning text and making the height equal to the line-height if you have one line only but any more than that, things look really screwy.
 
     
     
    