1. A surgical tool comprising: (a) an elongated handle having a distal end portion and an elongated main body portion, said distal end providing a working end of the surgical tool; (b) a protective tubular outer sheath for surrounding said elongated handle, said sheath having a distal end, a proximal end and an intermediate portion therebetween, said handle being insertable into the sheath from the distal tubular opening of the sheath, and wherein said sheath includes a stepped portion wherein said proximal end portion of the sheath has a larger diameter than the distal and intermediate portions; and (c) an engaging means operative between the sheath and the handle, said engaging means providing a plurality of functional positions for the handle to be selectively positioned within the sheath, and wherein said engaging means interacts internally between the sheath and the handle components and includes a protrusion means on one component and an indentation means on the other component, which cooperatively engage with each other, and wherein said sheath includes a resilient cantilever spring mechanism enabling said engaging means to disengage upon application of pressure thereto and wherein said sheath further includes first and second proximal tubular portions, said first and second portions being interconnected by the cantilever spring mechanism, said spring mechanism being a thin interconnecting resilient strip, said first portion further integrally connected to the intermediate portion of the sheath and said second portion being the most proximal portion of the sheath, said disengaging occuring upon application of pressure to one of said portions.