Edit, April 2015: the solutions of the diophantine equation are discussed at http://en.wikipedia.org/wiki/Markov_number while the spectrum and the book by Cusick and Flahive are mentioned at http://en.wikipedia.org/wiki/Markov_spectrum
ORIGINAL: This is a really nice topic. The punchline is that one finds all binary quadratic forms, integer coefficients $f(x,y) = a x^2 + b x y + c y^2$ and indefinite, so that the discriminant $\Delta = b^2 - 4 a c$ is positive but not allowed to be a square, such that the "Markov Ratio" is below 9.
The trick is that every such form $f(x,y)$ can only represent $0$ when both $x=0, y=0.$ So, for at least one of the variables nonzero, the form takes a nonzero value, maybe positive maybe negative. Either way, there is a positive minimum of the form, call it $M_f,$ such that $|f(x,y)| \geq M_f$ whenever $x,y$ are integers and not both 0.
What Kaplansky and I called the "Markov Ratio," terminology that is destined to die out, was $$ \frac{\Delta}{M_f^2} $$ can only be smaller than 9 for very special forms. I will report the terminology in Cusick and Flahive, The Markoff and Lagrange Spectra. Let us have the Markov equation
$$ m^2 + m_1^2 + m_2^2 = 3 m m_1 m_2 $$
in positive integers. For each such $m,$ define a positive integer $u$ to be the least positive solution to
$$ \pm m_2 x \equiv m_1 \pmod m. $$
Next, define $v$ by $u^2 + 1 = v m.$ The Markov forms are given by
$$ f(x,y) = m x^2 + (3m-2u)xy + (v-3u)y^2$$
and give an integral equivalence class of every form for which
$$ \frac{\Delta}{M_f^2} < 9.$$
The main theorem is that
$$ M_f = m.$$ A short and understandable proof is in Cusick and Flahive, pages 20-22, Theorem 2, especially part (C).
Checking, we find $\Delta = 9 m^2 - 4.$ So, indeed
$$ \frac{\Delta}{M_f^2} = 9 - \frac{4}{m^2}.$$
This is intimately connected with continued fractions, of course.
I am especially proud of finding a set of mirror forms,
$$ g(x,y) = m^2 x^2 + m(3m-2u)xy + (u^2-3um -1)y^2$$
with $$ M_f = m^2, \; \; \Delta = 9 m^4 + 4 m^2, \; \; \frac{\Delta}{M_f^2} = 9 + \frac{4}{m^2}. $$
These were mentioned briefly as Section 8.3 of Indefinite Binary Quadratic Forms With Markov Ratio Exceeding 9 by me and Kap, Illinois Journal of Mathematics, volume 47, 2003, pages 305-316. The proof this time was not included but is similar to that section in Cusick and Flahive.
Another quirky note: all the Markov discriminants $9 m^2 - 4$ can be written as the sum of two squares. You don't see that every day.
ADDENDUM: the quadratic forms I have displayed are already "reduced," which means the continued fraction for the larger root $x/y$ is purely periodic, see How to detect when continued fractions period terminates