$\infty$ is not a real number (it's not in $\mathbb R$). It's not even an imaginary or complex number. Basically, $\infty$ isn't one of the things people usually call "number," and, as such, $+$, $-$, $\times$, and $\div$ are undefined for it.
However, there are ways to get around this. Define the set $\overline{\mathbb R}$ to be $\mathbb R\cup\{-\infty,\infty\}$, where $\infty$ and $-\infty$ are just meaningless symbols. Then define what $+$, $-$, $\times$, and $\div$ mean in this set. Really, you could define them to be almost anything, as long as you don't end up with contradictions, but a reasonable definition is outlined here. In the system constructed there, $\frac1\infty=0$. However, it seems kind of artificial, since we've basically just added a symbol, called it "infinity," and made it work like we hope an actual infinity would work.
Another thing is called "potential infinity." Consider the following equation:
$$\lim_{x\to\infty}\frac1x=0$$
This is read as "the limit as $x$ goes to infinity of $\frac1x$ equals $0$." What this means is, as $x$ gets larger and larger, $\frac1x$ gets closer and closer to $0$. That's why this is called a "potential" infinity — it asks what happens as $x$ gets closer to infinity, without really getting there. This "limiting" operation happens entirely within $\mathbb R$, the set of real numbers. The above equation is as close to your question as you can get with limits.
Then there are things called "cardinalities," which are too complicated for me to get into. (The basic idea is that they measure sizes of sets, sets which might be infinite.) Division is not defined for cardinalities.