An exhaust muffler system for use on a motorcycle or four-wheeled vehicle provides for operation in either of two modes, a regular configuration that provides a high degree of noise reduction, or a racing specification that provides for a freer-flowing exhaust. Without changing the main body of the muffler, an operator can choose between a quieter, public road setting or a louder, high performance setting. The muffler is provided with two interchangeable spark arresters, and a main body having multiple expansion chambers therein, defined by bulkheads. When a regular spark arrester is installed, exhaust gas passes through one bulkhead three times, greatly reducing the noise produced. With the spark arrester removed, the exhaust gas passes straight through to the open air, enhancing performance. A seal is provided between the bulkheads and the spark arrester, which provides for extension or retraction in the lengthwise direction of the tail pipe.