<s>[INST] Zero divided by zero must be equal to zero What is wrong with the following argument (if you don't involve ring theory)?
Proposition 1: $\frac{0}{0} = 0$
Proof: Suppose that $\frac{0}{0}$ is not equal to $0$
$\frac{0}{0}$ is not equal to $0 \Rightarrow \frac{0}{0} = x$ , some $x$ not equal to $0$ $\Rightarrow$ $2(\frac{0}{0}) = 2x$  $\Rightarrow$  $\frac{2\cdot 0}{0} = 2x$ $\Rightarrow$ $\frac{0}{0} = 2x$ $\Rightarrow$ $x = 2x$ $\Rightarrow$ $ x = 0$ $\Rightarrow$[because $x$ is not equal to $0$]$\Rightarrow$ contradiction
Therefore, it is not the case that $\frac{0}{0}$ is not equal to $0$
Therefore, $\frac{0}{0} = 0$. 
Q.E.D.

Update (2015-12-01) after your answers:
Proposition 2: $\frac{0}{0}$ is not a real number
Proof [Update (2015-12-07): Part 1 of this argument is not valid, as pointed out in the comments below]: 
Suppose that $\frac{0}{0}= x$, where $x$ is a real number.
Then, either $x = 0$ or $x$ is not equal to $0$.
1) Suppose $x = 0$, that is $\frac{0}{0} = 0$
Then, $1 = 0 + 1 = \frac{0}{0} + \frac{1}{1} = \frac{0 \cdot 1}{0 \cdot 1} + \frac{1 \cdot 0}{1 \cdot 0} = \frac{0 \cdot 1 + 1 \cdot 0}{0 \cdot 1} = \frac{0 + 0}{0} = \frac{0}{0} = 0 $
Contradiction
Therefore, it is not the case that $x = 0$.
2) Suppose that $x$ is not equal to $0$.
$x = \frac{0}{0} \Rightarrow 2x = 2 \cdot \frac{0}{0} = \frac{2 \cdot 0}{0} = \frac{0}{0} = x \Rightarrow x = 0 \Rightarrow$ contradiction
Therefore, it is not the case that $x$ is a real number that is not equal to $0$.
Therefore, $\frac{0}{0}$ is not a real number. 
Q.E.D.

Update (2015-12-02)
If you accept the (almost) usual definition, that for all real numbers $a$, $b$ and $c$, we have $\frac{a}{b}=c$ iff $ a=cb $, then I think the following should be enough to exclude $\frac{0}{0}$ from the real numbers.
Proposition 3: $\frac{0}{0}$ is not a real number
Proof: Suppose that $\frac{0}{0} = x$, where $x$ is a real number.
$\frac{0}{0}=x \Leftrightarrow x \cdot 0 = 0 = (x + 1) \cdot 0 \Leftrightarrow \frac{0}{0}=x+1$
$ \therefore x = x + 1 \Leftrightarrow 0 = 1 \Leftrightarrow \bot$
Q.E.D.

Update (2015-12-07):
How about the following improvement of Proposition 1 (it should be combined with a new definition of division and fraction, accounting for the $\frac{0}{0}$-case)?
Proposition 4: Suppose $\frac{0}{0}$ is defined, so that $\frac{0}{0} \in \mathbb{R}$, and that the rule $a \cdot \frac{b}{c} = \frac{a \cdot b}{c}$ holds for all real numbers $a$, $b$ and $c$.
Then, $\frac{0}{0} = 0$
Proof: Suppose that $\frac{0}{0}=x$, where $x \ne 0$.
$x = \frac{0}{0} \Rightarrow 2x = 2 \cdot \frac{0}{0} = \frac{2 \cdot 0}{0} = \frac{0}{0} = x \Rightarrow x = 0 \Rightarrow \bot$
$\therefore \frac{0}{0}=0$
Q.E.D.

Suggested definition of division of real numbers:
If $b \ne 0$, then
$\frac{a}{b}=c$ iff $a=bc$
If $a=0$ and $b=0$, then
$\frac{a}{b}=0$
If $a \ne 0$ and $b=0$, then $\frac{a}{b}$ is undefined.

A somewhat more minimalistic version:
Proposition 5. If $\frac{0}{0}$ is defined, so that $\frac{0}{0} \in \mathbb{R}$, then $\frac{0}{0}=0$.
Proof: Suppose $\frac{0}{0} \in \mathbb{R}$ and that $\frac{0}{0}=a \ne 0$.
$a = \frac{0}{0} = \frac{2 \cdot 0}{0} = 2a \Rightarrow a = 0 \Rightarrow \bot$
$\therefore \frac{0}{0}=0$
Q.E.D.
 [/INST] Actually there are solid arguments why $0/0$ can be defined as $0$.
Here is a graphic of the function $f(x,y)=x/y$:

The function is odd against both $x$ and $y$ variables.
Along the axis $x=0$ it is constant zero.
Along the axis $y=0$ it is unsigned infinity, but its Cauchy principal value is constant zero.
Along the diagonal $y=x$ it is constant 1.
Along the diagonal $y=-x$ it is constant -1.
As all odd functions its behavior around zero does not have any preference to positive or negative values. As all odd analytic functions, this function in zero(if defined) can either be zero or unsigned infinity. But unsigned infinity is not a part of affinely extended real line or complex plane, which is usually used in analysis (it is part of projectively extended real line/complex plane). As such, the only variant that remains is $0$.
Note also that we can define a Cauchy principal value of a two-variable function in a point $(x_0,y_0)$ as a limit of the following integral:
$$\lim_{r\to 0}\frac 1{2\pi}\int_0^{2\pi}f(x_0+ r \sin (t),y_0+r \cos(t)) dt$$
This integrates the values of a function over a circle around a point. For analytic functions as long as the radius of the circle r comes to 0, the value of the integral comes to the value of the function in $(x_0,y_0)$. For our function, in $x_0=0, y_0=0$ the value of the integral is constant zero (because the function is odd) and does not depend on r. Consequently, the limit is also zero.
We can extend our analysis to complex numbers, but we again will get the same result, $0$.
</s>