We have developed a novel three-contact vertical-cavity surface-emitting laser (VCSEL) with an intracavity absorber for use in high-speed data communications. We demonstrate two distinct designs for our VCSEL and discuss the device physics underlying the behaviors of the two designs. Furthermore, we demonstrate a wide range of applications for these VCSELs, including optical intensity modulation, phase and amplitude modulation of a microwave optical subcarrier, optical bistability, self-pulsation, and optical disk readout.