An inflation device (110, 210, 310, 410) for selectively inflating and deflating first and second balloons (22a, 22b) on a tubular member via first and second lumens (18a, 18b) when the inflation device is coupled to the tubular member, the inflation device comprising: a first valve comprising a plurality of first valve ports (112b, 112c, 112d) and a first valve member movable between multiple positions for opening and closing fluid paths between the first valve ports; a second valve comprising a plurality of second valve ports (114b, 114c, 114d) and a second valve member movable between multiple positions for opening and closing fluid paths between the second valve ports; and a source of inflation media coupled to one of the first valve ports; the inflation device being characterized by: an actuator coupled to the first and second valve members for directing the first and second valve members between first, second, third, and fourth positions, wherein: i) with the first and second valve members in the first position, the inflation device provides a fluid path from the source of inflation media to the first and second lumens, the inflation device being thereby configured such that the source of inflation media may be actuated to pull a vacuum along the fluid path to collapse the first and second balloons simultaneously; ii) with the first and second valve members in the second position, the inflation device isolates the second lumen while opening a fluid path between the first lumen and the source of inflation media such that inflation media delivered from the source of inflation media through the first lumen inflates the first balloon; iii) with the first and second valve members in the third position, the inflation device isolates the first lumen for maintaining the first balloon inflated; and iv) with the first and second valve members in the fourth position, the inflation device opens a fluid path from the source of inflation media to the second lumen while isolating the first lumen such that inflation media delivered from the source of inflation media through the second lumen inflates the second balloon. a first valve comprising a plurality of first valve ports (112b, 112c, 112d) and a first valve member movable between multiple positions for opening and closing fluid paths between the first valve ports; a second valve comprising a plurality of second valve ports (114b, 114c, 114d) and a second valve member movable between multiple positions for opening and closing fluid paths between the second valve ports; and a source of inflation media coupled to one of the first valve ports; the inflation device being characterized by: an actuator coupled to the first and second valve members for directing the first and second valve members between first, second, third, and fourth positions, wherein: i) with the first and second valve members in the first position, the inflation device provides a fluid path from the source of inflation media to the first and second lumens, the inflation device being thereby configured such that the source of inflation media may be actuated to pull a vacuum along the fluid path to collapse the first and second balloons simultaneously; ii) with the first and second valve members in the second position, the inflation device isolates the second lumen while opening a fluid path between the first lumen and the source of inflation media such that inflation media delivered from the source of inflation media through the first lumen inflates the first balloon; iii) with the first and second valve members in the third position, the inflation device isolates the first lumen for maintaining the first balloon inflated; and iv) with the first and second valve members in the fourth position, the inflation device opens a fluid path from the source of inflation media to the second lumen while isolating the first lumen such that inflation media delivered from the source of inflation media through the second lumen inflates the second balloon. i) with the first and second valve members in the first position, the inflation device provides a fluid path from the source of inflation media to the first and second lumens, the inflation device being thereby configured such that the source of inflation media may be actuated to pull a vacuum along the fluid path to collapse the first and second balloons simultaneously; ii) with the first and second valve members in the second position, the inflation device isolates the second lumen while opening a fluid path between the first lumen and the source of inflation media such that inflation media delivered from the source of inflation media through the first lumen inflates the first balloon; iii) with the first and second valve members in the third position, the inflation device isolates the first lumen for maintaining the first balloon inflated; and iv) with the first and second valve members in the fourth position, the inflation device opens a fluid path from the source of inflation media to the second lumen while isolating the first lumen such that inflation media delivered from the source of inflation media through the second lumen inflates the second balloon.