The superscript "$\infty$" here is very problematic. The short version is that we can make sense of "$\sum_{i=0}^\lambda \omega_i$" (and consequently $\omega_{\sum_{i=0}^\lambda \omega_i}$) for any ordinal $\lambda$; however, this does not lead to a greatest cardinal, and in particular we cannot sum over all ordinals.
The key to making sense of such big ordinals is the axiom (scheme) of replacement. Intuitively, if we think about the construction of $V$ as an ongoing process the axiom of replacement lets us "bundle together" all the ordinals we've made so far to make even bigger ones. For example, applying replacement to (the definition of) the class function $i\mapsto \omega_i$ we get that for any ordinal $\lambda$ the set $\{\omega_i:i<\lambda\}$ exists, and from this set it's easy to build $\sum_{i=0}^\lambda\omega_i$. Without replacemenet incidentally we can't even build the ordinal $\omega+\omega$. (Less mysteriously, $V_{\omega+\omega}$ satisfies $\mathsf{ZC}$ = $\mathsf{ZFC}$ without replacement, and obviously $\omega+\omega\not\in V_{\omega+\omega}$.)