As Noah says there are a bunch of inequivalent ways to do this depending on what properties of ordinary arithmetic you want to preserve. Here's what happens when you try to add a single infinite element.
Starting with the real numbers $\mathbb{R}$ (or the integers or whatever else) you can add a new element $\infty$ and declare that $x + \infty = \infty$ for any $x$ (including $\infty$). This works fine (considering only addition for now, no multiplication) except that you lose the ability to subtract; this addition is no longer cancellative, meaning that $x + y = x + z$ no longer implies $y = z$. Formally (ignore this if you don't care), addition only makes $\mathbb{R} \cup \{ \infty \}$ a monoid rather than a group, and $\infty$ becomes an absorbing element. But we can still define an order in which $x \le \infty$ for all $x \in \mathbb{R}$ and this order still has the property that if $x \le y$ then $x + z \le y + z$; this means we still have an ordered monoid.
Now suppose we want to get multiplication in the game. Probably we should ask that $x \cdot \infty = \infty$ for $x > 0$ and in particular for $x = \infty$. But we need to decide what $0 \cdot \infty$ is. If we insist that multiplication continue to distribute over addition then we need
$$0 \cdot \infty = 0 \cdot (\infty + \infty) = 0 \cdot \infty + 0 \cdot \infty$$
which means the only possible options are that $0 \cdot \infty = 0$ or $\infty$. If we pick $\infty$ then we lose the familiar fact that $0$ times anything is zero. I don't think $0$ is an entirely satisfactory option but let's stick with it for now.
Now we need to decide what $(-1) \cdot \infty$ is. Again, if we insist that multiplication continue to distribute over addition, this requires
$$0 = 0 \cdot \infty = (1 - 1) \cdot \infty = \infty + (-1) \cdot \infty.$$
But with the way we've defined addition this is impossible; there is no element which, when added to $\infty$, produces $0$. The general problem here is that distributivity forces $-1$ to act as the additive inverse, and we already gave that up. So we have a couple different choices here:
- We could give up distributivity. That would be terrible.
- We could add a new element $-\infty$ and declare that $(-1) \cdot \infty = - \infty$ and that $\infty + (-\infty) = 0$. But this breaks associativity: for example, we would have $0 = \infty + (-\infty) = (1 + \infty) + (-\infty) = 1 + (\infty + (-\infty)) = 1$. The lesson is that when we gave up subtraction we really gave up subtraction and we shouldn't try to get it back. Subtraction is gone forever.
- We could give up negative numbers. This is actually a perfectly fine thing to do: the non-negative reals $\mathbb{R}_{\ge 0} \cup \{ \infty \}$ together with infinity, addition, and multiplication as defined here is a perfectly well-behaved ordered semiring (which basically means we can add, multiply, and compare $\le$, but we can't subtract), and the subring consisting of the non-negative integers together with $\infty$ is exactly the ordered semiring given by the at-most-countable cardinal numbers.
We have to give up something, though.