I'm not going to consider $a=0$ (i.e. the quotient $\frac{0}{0}$) as we can construct functions in calculus limit initially tends to $\frac{0}{0}$ after some work turns out to be any real number we'd like. It may be the case that allowing $\infty_0$ could be useful, for example we have $0 = 0 \cdot \infty_0$, but I don't consider it here.
I noticed in André Nicolas' post, he showed that allowing division by zero ends up being trivial when you assume that the new elements you add obey the distributive law. So I conclude that if these new numbers are well-defined, then we can't use the distributive property with them.
What follows are a few thoughts in that regard.
Assume that $a \neq 0$ and define $\frac{a}{0} = \infty_a$ for some element $\infty_a$. Certainly $\infty_a$ is not a real number, so let us extend $\mathbb{R}$ to a new set $\mathbb{R}^{\dagger}$ which includes every $\infty_x$ for all $x \in \mathbb{R} \setminus \{0\}$.
What properties will this expanded set $\mathbb{R}^{\dagger}$ have? We decided above that it should not have the distributive property.
Well, we know that $\frac{a}{0} = \infty_a$ so perhaps $a = 0 \cdot \infty_a$. This strikes us as odd, because we know for any real number, multiplication by zero always yields zero. So we are at a crossroads. We can do one of two things:
(1): We can say "the new set $\mathbb{R}^{\dagger}$ must follows the rules of multiplying by zero" in which case we would derive $a=0$, which would be a contradiction (remember, we assumed $a \neq 0$ in the beginning). If we enforced this restriction, we would find our new set of numbers paradoxical and then throw them out.
(2): Allow this strange property of zero in this new set and accept all the consequences for its use.
Here is one consequence of (2):
Proposition: If $\mathbb{R}^{\dagger}$ is associative and commutative, then it contains only three elements.
Proof: Let $a, b \in \mathbb{R} \setminus \{0\}$. Now since we assumed (2), we know $a=0 \cdot \infty_a$ and $b = 0 \cdot \infty_b$, so we consider the product $ab = (0 \cdot \infty_a) (0 \cdot \infty_b)$.
We can write this product in two ways:
$$(i): (0 \cdot \infty_a) (0 \cdot \infty_b) = (a \cdot 0) \cdot \infty_b = 0 \cdot \infty_b = b, $$
but on the other hand
$$(ii): (0 \cdot \infty_a) (0 \cdot \infty_b) = \infty_a (b \cdot 0) = \infty_a \cdot 0 = a.$$
We conclude that $a=b$. So we have $\mathbb{R}^{\dagger} = \{0, a, \infty_a \}$.
Perhaps we should not assume $\mathbb{R}^{\dagger}$ is not commutative or not associative or not both, then...