MCI Versions is an application to help manage the different versions of Minecraft on your computer. It can only swap the minecraft.jar of one version for another.
It allows you to setup shortcuts which will swap the version and then run minecraft. Allowing you to easily switch between versions.
When you run it for the first time it will ask you to enter the location of Minecraft.exe (You can however make it run another application instead). After this click on "Ver Directory" and it will take you to the location where versions will be stored. You need to create a directory for each version you have and place its minecraft.jar inside.
You can force MCI Versions to refresh its list of versions by right clicking on the list and selecting "Refresh List".
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Download (Can be installed anywhere though your .minecraft directory is recommended)