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Players may pay $100 once per turn to choose the result of one die rolled on that turn for the purposes of moving. The choice must be valid for the die being decided upon, and may be made for any (one) die being rolled for moving that turn.
For example, a player who chooses to pay $100 in this manner may choose, for that turn and that turn only, to have one of the die roll a 5 (assuming 5 is a legitimate roll for that die). The other die (or dice) are then rolled as normal, as if the die which was chosen were rolled naturally. The player may not pay $200 (or more) to choose two (or more) dice's numbers, nor does the effect continue on past the next turn taken.
As Willy pointed out, the important part in the second paragraph is: The other die (or dice) are then rolled as normal, as if the die which was chosen were rolled naturally. The word then implies that the rolling of the other dice must happen after the selection of one die. So, no, you would not be able to select a die after rolling.