Nowadays logic gates of computers are based on transistors and increasing the computational power means increasing their integration density. Among others, the utilization of magnetism is a promising alternative. We propose a magnetologic gate consisting of a single magnetoresistive element with three independent inputs as a versatile universal gate for computing. Each of these gates can represent one out of at least ten logic functions, among them the four basic and two reversible ones. The functionality can be pre-programmed at run-time and the output is non-volatile. The increased functionality and flexibility as well as the drastically reduced number of computing elements may induce a paradigm shift in microprocessor layout and operation.