A guide wire placement and removal tool is provided that includes a handle mounted to a shaft connected to a wire engagement mechanism disposed opposite the handle. The mechanism includes a housing aligned with the shaft to enable the wire to pass therethrough, and a moveable engagement member biased into a locking position within the housing to engage a wire positioned therein. The mechanism also includes a release member that can be selectively engaged with the engagement member to disengage the engagement member from the wire to allow the wire to move with regard to the tool. Once the release member is released, the engagement member is biased back into a locking engagement with the wire to securely hold the wire within the tool.
