Let $R$ be a diagram of rings.
If $u\in\varprojlim R$ is a unit then clearly each $\pi_\bullet(u)\in R_\bullet$ is a unit, since the $\pi$ are ring homomorphisms. Moreover, if the two units $u,u'$ have equal projections $\pi_\bullet(u)=\pi_\bullet(u')$ then their multiplication homomorphisms $m_u,m_{u'}:\varprojlim R\to\varprojlim R$ would have the same components on each $R$ and thus would be equal by the universal property of a limit; then $u=m_u(1)=m_{u'}(1)=u'$ follows.
Now say $u$ satisfies $\pi_\bullet(u)$ is a unit for each $u$. The $m_{\pi_\bullet(u)}:R_\bullet\cong R_\bullet$ assemble to a natural automorphism of the diagram $R$; it follows from the universal property of limits (for an alternative view, it follows from the highly similar fact that "limit" is a functor) that the limit $\varprojlim m_{\pi_\bullet(u)}$ is an isomorphism. However, this is nothing but $m_u$. Therefore $u$ is a unit.
Thus, the canonical map $(\varprojlim R)^\times\to\varprojlim(R^\times)$ is an isomorphism.
To elaborate on a different perspective offered by Qiaochu; really, we want to show $(-)^\times:\mathsf{Ring}\to\mathsf{Grp}$ is a continuous functor. This would follow if we procured a left adjoint... and indeed, the group ring functor $\Bbb Z[-]:\mathsf{Grp}\to\mathsf{Ring}$ is left adjoint to $(-)^\times$. For there is an obvious group embedding $\eta:G\to(\Bbb Z[G])^\times$ and if $\phi:G\to R^\times$ is a group homomorphism then for $f:\Bbb Z[G]\to R$, $f^\times\eta=\phi$ iff. $f([g])=\phi(g)$ for all $g$ iff. $f(\sum_i n_i[g_i])=\sum_i n_i\phi(g_i)$ for all $\sum_i n_i[g_i]\in\Bbb Z[G]$; it is then not too hard to check a unique (unital) ring homomorphism $f$ exists making the right diagram commute.
For yet another perspective I learned from Martin Brandenburg: the composite $U(-)^\times:\mathsf{Ring}\to\mathsf{Grp}\to\mathsf{Set}$ is representable. It is isomorphic to $\mathsf{Ring}(\Bbb Z[x,x^{-1}],-)$ since a ring homomorphism $f:\Bbb Z[x,x^{-1}]\to R$ is determined entirely by a choice of $f(x)$ and $f(x^{-1})$ such that $f(x)\cdot f(x^{-1})=1$, so they are determined entirely by a choice of unit $f(x)\in R$ (since inverses are unique). Clearly $\mathsf{Ring}(\Bbb Z[x,x^{-1}],R)\ni f\sim f(x)\in R^\times$ defines a natural isomorphism of functors. Therefore, as all representables are continuous, $U(-)^\times$ is continuous. But $U$ in fact reflects limits, so it follows $(-)^\times$ is continuous.
>character to create a block quote, like in email. P.S. Would the [tag:ring-theory] tag be appropriate here? – Nov 25 '12 at 09:24