Here's essentially Archimedes' argument:
1. [itex]\pi[/itex] is defined as the ratio between a circle's circumference P and its diameter D, and the circle's radius r satisfies D=2r
Thus, we have [itex]P=2\pi{r}[/itex]
2. Now, draw N identical triangles in the following manner:
Let the apex of all triangles be the circle's centre, whereas the base of each triangle is the line segment between two points on the circle's circumference.
Thus, you will construct an N-gon whose circumference is approximately equal to the circle's circumference once N is a really big number.
(That is, the base of each triangle will be approximately P/N)
3. The height of each triangle is approximately equal to the circle's radius r, and once N is really big, even more so.
4. Thus, the area of each triangle is approximately (P*r)/(2*N), whereas the N-gon's area is [itex]N*(P*r)(2*N)=P*r/2=\pi{r}*r[/itex]
As N goes to infinity, the area of the N-gon is indistinguishable from that of the circle, that is, [itex]\pi{r}*r[/itex] must be the area of the circle as well.