Capable of doing many things competently.
Having varied uses or many functions.
Changeable or inconstant.
Capable of moving freely in all directions.
(BDSM) Being a switch; capable of taking either a dominant or a submissive role.
2004, "queenchaser1158", Horny Versatile TV/TS Wanted in Phoenix (on newsgroup alt.personals.gay)
Capable of taking both a top and bottom role.