An exercise device having a sled or wheelbarrow configuration comprises a frame that is pushed across a support surface by a user. The frame carries a wheel that movably supports the frame in the wheelbarrow configuration and at least one skid that movably supports the frame in the skid configuration. A pair of handles is selectively repositionable on the frame from a vertical orientation used in the sled configuration and a horizontal orientation used in the wheelbarrow configuration to quickly and easily convert the device between its different configurations. The frame has a carriage that supports a plurality of exercise weight members with the carriage being movable in a fore-and-aft direction on the frame for changing the effort required from the user to push the frame.