Before I answer your question, let me first clear up what I think is a point of confusion. In formal mathematics, $\infty$ is not a number. The reason that mathematicians do not treat $\infty$ as a number is that if we did, we would reach some conclusions that are clearly wrong.
For instance, one property numbers have is that you can subtract the same number from both sides of an equation and the equation will still be true. For example, I can subtract $1$ from both sides of the equation $x+1=4$ to get $x=3$. On the other hand, if I treat $\infty$ like a regular number and I subtract $\infty$ from both sides of the "equation" $\infty + 1 = \infty$, I end up with $1=0$, which is clearly false.
Instead, mathematicians think of $\infty$ as a limit. Roughly, this means that if you want to "plug in" $\infty$ into a function, you plug in bigger and bigger numbers and see what happens in the long term. For example, we write
$$\lim_{x\to\infty}\frac{1}{x}=0$$
to mean that "as you plug bigger and bigger numbers into the function $f(x)=1/x$, the function becomes arbitrarily close to zero." You should convince yourself that this particular limit is right. In some cases the limit is infinite; all this means is that, as you plug in bigger and bigger numbers into the function, the function becomes arbitrarily large. For example,
- $\lim_{x\to\infty} x = \infty$.
- $\lim_{x\to\infty} x^2 = \infty$.
To answer your question, pretty much anything can happen when $\infty$ is involved. Let's look at the two examples I just gave. Even though both functions $f(x) = x$ and $g(x) = x^2$ go to infinity as $x$ goes to infinity, the second one grows a lot faster. Case in point: $f(100)=100$ and $g(100)=10\,000$. In fact, $g(x)$ grows so much faster that the difference $g(x) - f(x)$ (remember that this is just $x^2-x$) also goes to infinity as $x$ goes to infinity. You can convince yourself of this by plugging in values. In symbols,
$$ \lim_{x\to\infty} (x^2 - x) = \infty.$$
So informally speaking, it is possible that $\infty-\infty=\infty$!
If this result seems counter-intuitive to you, it is because you are thinking of the two infinities on the left hand side of the equation $\infty-\infty=\infty$ as the same $\infty$: in fact, they are different. The first $\infty$ comes from the function $g(x)=x^2$, and in some sense it is bigger than the $\infty$ from the function $f(x)=x$ since $x^2$ gets bigger a lot faster than $x$ does.
In any case, you can come up with other functions (that is to say, you can approach $\infty$ at different speeds) that make the following statements true:
- $\infty-\infty$ can equal anything between $-\infty$ and $+\infty$.
- $\infty/\infty$ can equal anything between $-\infty$ and $+\infty$.
- $\infty^0$ can equal anything between $0$ and $+\infty$.
Finally, there can be cases where plugging in $\infty$ doesn't give you any answer at all. If you took trigonometry you're probably familiar with the sine function, whose graph oscillates back and forth, like a wave, between $-1$ and $+1$.
(I tried to put a picture of the graph of sine here, but I couldn't get it to work since I'm new to this site. Just search "graph of sine" on Google images and you'll see what I mean.)
If you plug in larger and larger numbers into $\sin(x)$, you won't approach any fixed number. So $\sin\infty$ does not exist.