Disclosed herein is an intravascular universal catheter having interchangeable work elements and methods of use thereof. The catheter comprises a flexible catheter body having a distal end, a proximal end and a lumen extending between the ends. A housing having an open interior and an aperture on a lateral side is attached to the distal end of the catheter body by a coupling element. A work element is movably disposed within the housing and operative through the aperture. A work element connector is disposed in a lumen of the catheter body and has a distal end connected to the work element. At least the distal portion of the lumen defines a receiving space within the catheter body, and the coupling element is configured to allow retraction of the work element from the housing through the open proximal end into the receiving space. In a preferred embodiment, perfusion ports are disposed in the catheter body and the housing proximate to the junctional region of the catheter body with the housing. The perfilsion ports are in communication with the lumen. The work element may be withdrawn from the housing proximal to the perfusion ports to allow blood to flow into the housing and bypass the work element for perfusion of tissue downstream. Preferably, the lumen is configured to allow the work element to be completely withdrawn from the catheter body, so as to permit interchange of various work elements.