A demountable multi-purpose exercise device includes first and second elongate, mutually engageable telescopic members, each having first and second end portions, wherein when the elongate members are mutually engaged the first end portions are mutually distal and the second end portions are mutually slidably engaged, the second end portion of the second telescopic member being formed as a narrowed, tubular guide portion to facilitate the axial, telescopic sliding of the first telescopic member therewith; a pair of handle elements disposed at each first end portion of the first and second telescopic elongate members; compressible resilient member disposed between the first and second elongate, telescopic members, to permit mutual contraction in response to a compressive, axial force of at least a predetermined magnitude applied thereto via the first ends thereof; and elongate flexible elements for attachment between the first ends of the first and second telescopic members, for preventing inadvertent disassembly.