There is indeed a geometric interpretation of $\bf{u}\times\bf{v}$ in terms of the areas of the projections of the parallelogram $\bf{P}$ spanned by $\bf{v}$ and $\bf{w}$ onto the coordinate planes.
I'll start from scratch.
Motivating problem: We wish to create a vector perpendicular to u,v, i.e. construct w s.t. $\bf{w}\cdot \bf{u} = \bf{w}\cdot \bf{v} = 0$.
Two equations in 3 unknowns: we can derive w as $\lambda(u_2 v_3 - u_3 v_2,$ [3&1], [1&2]$)$.
So let's define $\bf{u}\times \bf{v}$ as ($u_2 v_3 - u_3 v_2$, [3&1], [1&2]).
Observe $u_2 v_3 - u_3 v_2$ is just the signed area of the $(u_2, u_3)$, $(v_2,v_3)$ parallelogram. (2D determinant -- you can work it out with triangles). So we can rewrite our definition:
Define $\bf{u}\times \bf{v}$ as $(A_{yz}, A_{zx}, A_{xy})$ where $A_{\text{plane}}$ = signed area of u,v parallelogram projected onto that plane
Notice by symmetry, switching u and v just changes the sign of $u_p v_q - u_q v_p$, so we have:
$\bf{u}\times \bf{v} = -\bf{v}\times \bf{u}$
Notice also:
$\bf{i} \times \bf{j} = \bf{k}$
So we get our 'Right Hand Rule'.
Now it makes sense to ask: "Could we have skipped the algebra?" i.e. arrived at this definition purely from geometric insight. And the answer is yes!
Let n be the unit vector perpendicular to u,v.
WAIT! There is a problem here -- there are 2 choices: -n also is a valid candidate.
So if you are given i,j your choices are k,-k. So let's choose k. Looking at our right-hand, i for thumb, j for index finger and k corresponds to the direction the next finger is pointing. So we have an orientation. Let's call this the Right Hand Rule.
So let's choose the n that satisfies the same orientation.
We can show that the ratio of the area of the uv-parallelogram to it's yz projection gives $\bf{n}_x$, similarly for xz$\to \bf{n}_y$ and xy$\to \bf{n}_z$:
Here is a simplification that will illustrate this...
Let's say we have y as depth, z going upwards. We have some near-flat plane (so the normal is pointing nearly straight up). Suppose we draw a unit grid on it. Now we are going to drop each point onto the xy-plane so $(x,y,z)\to(x,y,0)$ and calculate the change in area. Furthermore let's say we have rotated things so that our plane's normal vector has depth component = 0.
So alternatively we could set this up by imagining two xy-planes. And rotate one of them slightly around the y-axis, give it a unit grid, and "drop" this grid onto the other (axis-aligned) plane.
We want the area of a projected grid square.
It should be obvious that the depth-component (y) of any point on our plane is unchanged by this projection. And a simple calculation reveals that the x-component is just $cos(\theta)$, where $\theta$ is the angle between the normals, otherwise known as $\bf{k}\cdot \bf{n}=\bf{n}_z$, where $\bf{k}=(0,0,1)$.
So, the xy-area multiplier is $\bf{n}_z$ as required: $A\bf{n}_z = A_{xy}$
Let's write these parallelogram areas using $A$.
So we have: $A_{xy} = A \bf{n}_z$, sim. for y & z.
So $A\bf{n} = (A_{yz}, A_{zx}, A_{xy})$
(EDIT: Bold rendering incorrectly for $A_{xy}$ in the above line, anyone?)
So if we define $\bf{u}\times \bf{v}$ as $(A_{yz}, A_{zx}, A_{xy})$ then we have $\bf{u}\times \bf{v} = A \bf{n}$, i.e. $\bf{u}\times \bf{v}$ is perpendicular to u,v and of length $A$.
QED!