A microsatallite is a stretch of DNA, usually within a nonsense region of a genome, whose sequence is a pattern of one, two, three, or four bases repeated over and over again, e.g.:
GGGGGGGGGGGGGGGGGGGGGGG
ATATATATATATATATATATAT
AGCAGCAGCAGCAGCAGCAGCAGC
GGTCGGTCGGTCGGTCGGTCGGTC
They can also be called SSR's (simple sequence repeats), STR's (short tandem repeats), or VNTR's (variable number tandem repeats). Technically a microsatellite is 2-6 bases long, and a minisatellite is 15-70 bases long, though the former term is used more frequently. Microsatellite regions have a high mutation rate and an essentially random distribution throughout the mitochondrial or nuclear genome. They're currently used extensively as genetic markers in the fields of forensics, molecular evolution, and population studies.