Yes, it's not hard to show that $f$ is Lipschitz of constant 
$$k:=\sup_t\lim\sup_{s\to t}\frac{|f(s)-f(t)|}{|t-s|}\, .$$ 

Indeed, let's take any $l > k$.  By assumption, any $t\in I:=[0,1]$ has a nbd $J_t:=]t',t''[\cap I$ such that for any $s\in J_t$ one has $|f(s)-f(t)|\le l|t-s|$. Extract a finite covering of $I$ by these nbd's, say $J_{t_0}\dots J_{t_{n }}$  with $0:=t_0 < t_1 < t_2 <\dots < t_n:= 1$, and assume it is minimal. By minimality, it follows $J_{t_i}\cap J_{t_{i+1}}\neq\emptyset$ for all $0\le i < n$. As a consequence,  there is a sequence $0:=s_0 \le s_1 \le \dots \le s_{2n}:=1$ such that $s_{2i}=t_i$ and $s_{2i+1}\in J_{t_i}\cap J_{t_{i+1}}$, Therefore, since any two consecutive $s_j$'s are (in some order) a $t_i$ and an element of $J_{t_i}$, we have
$$|f(1)-f(0)|\le \sum_{i=0}^{2n-1}\big|f(s_{i+1}) - f(s_i)\big|\le l\sum_{ i = 0 }^{2n-1} (s_{i+1} - s_i)=l\, ,  $$
and in fact $|f(1)-f(0)|\le k$ because the above inequality holds for any number $l > k$. 
This also implies, by rescaling and localizing, 
$$|f(b)-f(a)|\le k |b-a|$$
for all $a$ and $b$ in $I$.
$$*$$
**[edit]** I realize now that there is another proof (which is, in a sense, the true proof) that follows from a beautiful theorem by Antoni Zygmund. Let $D f$ represent any of the [Dini's derivatives][1] of $f$ . 

> **Theorem.** Let $f:[a,b]\rightarrow\mathbb{R}$
> be continuous, and  assume that the set
> $f(\{Df \le 0\} )$ is nowhere dense.
> Then $f$ is increasing.

What is great of this theorem is the statement, natural and powerful; once you know the statement, the proof is not difficult by a nice argument by contradiction (assume that e.g. $f(a) > f(b)$ and consider a value $\lambda\in \big( f(b), f(a) \big)\setminus f(\{Df \le 0\} )$; then argue on the larger $t$ such that $f(t)=\lambda$...). There should be a proof in Mc Shane and Botts' *Real Analysis*, I think. 

In your case, apply Zygmund's theorem to the functions $t\mapsto lt\pm f(t)$, with any $l > k$, as above and conclude that $f$ is $k$ Lipschitz.

Another well-known application  of this theorem:

> **Theorem.** Let $f:[a,b]\rightarrow\mathbb{R}$ be
> continuous and admit $f'(t) \ge0$ up
> to countably many points; or 
> either, absolutely continuous and
> $f'(t)\ge 0$ a.e. Then $f$ is
> increasing.

(as before life is simpler applying Zygmund's theorem first to $t\mapsto f+\epsilon t$ with $\epsilon > 0$).


[1]:http://en.wikipedia.org/wiki/Dini_derivative