Backtickify code snippets on Stack Exchange
APL (90)

(Yes, the APL charset does fit in a byte, here's IBM's codepage 907.)

{⎕ML←3⋄(,/m,m,⍨{⍵=m:'\`'⋄⍵}¨⍵),⊂(⌽g),⍵,g←(''↑⍨∨/t[1,⍴t]),m/⍨0⍳⍨z∊⍨⍳⌈/0,z←,⊃⍴¨⍵⊂⍨t←⍵=m←'`'}


This is a function that takes a string, and returns an array of two strings, where the first string is the comment representation and the second string is the full post representation.

Tests:

      backtickify←{⎕ML←3⋄(,/m,m,⍨{⍵=m:'\`'⋄⍵}¨⍵),⊂(⌽g),⍵,g←(''↑⍨∨/t[1,⍴t]),m/⍨0⍳⍨z∊⍨⍳⌈/0,z←,⊃⍴¨⍵⊂⍨t←⍵=m←'`'}
      ↑backtickify 'potato'
`potato`
`potato`

      ↑backtickify 'this is a backtick: `'
`this is a backtick: \``   
`` this is a backtick: ` ``

      ↑backtickify '` `` ``` ````` ``````'
`\` \`\` \`\`\` \`\`\`\`\` \`\`\`\`\`\``
```` ` `` ``` ````` `````` ````  

      ⍝ testcase for not wrapping with spaces
      ↑backtickify 'no`spaces``at````the`edges'
`no\`spaces\`\`at\`\`\`\`the\`edges`
```no`spaces``at````the`edges``` 


Note: I gave the function a name for readability's sake, this is not strictly necessary to use it (you can just put the argument next to the anonymous function) so I didn't count it.