A balloon catheter system, comprising: a balloon catheter including a catheter body and an inflatable balloon coupled to one end thereof; and a fluid management system for controllably inflating and deflating the balloon, the fluid management system including: a reservoir for storing balloon fill media, a first conduit connected between the reservoir and the balloon for delivering the balloon fill media, a second conduit connected between the balloon and the reservoir for returning the balloon fill media from the balloon to the reservoir, a pump disposed along the first conduit and configured to circulate the balloon fill media along a circuit defined by the first and second conduits, and characterized in that the fluid management system includes: a valve assembly that is disposed along the first and second conduits, with the pump being disposed along the first conduit between the valve assembly and the balloon, the valve assembly being configured for placement in at least a first position, a second position, and a third position, wherein in the first position, the balloon fill media is delivered from the reservoir and pumped into the balloon for inflation thereof, wherein in the second position, the balloon fill media is drawn out of the balloon and pumped back to the reservoir, and wherein in the third position, the balloon fill media circulates from the pump through the first conduit to the balloon and through the second conduit from the balloon back to the pump and is prevented from flowing back to the reservoir from the balloon. a balloon catheter including a catheter body and an inflatable balloon coupled to one end thereof; and a fluid management system for controllably inflating and deflating the balloon, the fluid management system including: a reservoir for storing balloon fill media, a first conduit connected between the reservoir and the balloon for delivering the balloon fill media, a second conduit connected between the balloon and the reservoir for returning the balloon fill media from the balloon to the reservoir, a pump disposed along the first conduit and configured to circulate the balloon fill media along a circuit defined by the first and second conduits, and characterized in that the fluid management system includes: a valve assembly that is disposed along the first and second conduits, with the pump being disposed along the first conduit between the valve assembly and the balloon, the valve assembly being configured for placement in at least a first position, a second position, and a third position, wherein in the first position, the balloon fill media is delivered from the reservoir and pumped into the balloon for inflation thereof, wherein in the second position, the balloon fill media is drawn out of the balloon and pumped back to the reservoir, and wherein in the third position, the balloon fill media circulates from the pump through the first conduit to the balloon and through the second conduit from the balloon back to the pump and is prevented from flowing back to the reservoir from the balloon. a reservoir for storing balloon fill media, a first conduit connected between the reservoir and the balloon for delivering the balloon fill media, a second conduit connected between the balloon and the reservoir for returning the balloon fill media from the balloon to the reservoir, a pump disposed along the first conduit and configured to circulate the balloon fill media along a circuit defined by the first and second conduits, and characterized in that the fluid management system includes: a valve assembly that is disposed along the first and second conduits, with the pump being disposed along the first conduit between the valve assembly and the balloon, the valve assembly being configured for placement in at least a first position, a second position, and a third position, wherein in the first position, the balloon fill media is delivered from the reservoir and pumped into the balloon for inflation thereof, wherein in the second position, the balloon fill media is drawn out of the balloon and pumped back to the reservoir, and wherein in the third position, the balloon fill media circulates from the pump through the first conduit to the balloon and through the second conduit from the balloon back to the pump and is prevented from flowing back to the reservoir from the balloon.