I've recently encountered K-algebras which I understand are different from inner product spaces in that one is equipped with a billinear product and the other with a bilinear form.
Is it possible and/or useful to define a space that has both of these operations? If so, what are some examples?
It's perfectly fine to define both structures on some ring. A well-known example of such an object are the $\newcommand{\b}{\mathbb} \b{R}$-algebra of complex numbers with the conventional multiplication \begin{align} \b{C} \times \b{C} &\to \b{C} \\ (z, w) &\mapsto zw \end{align}
and the inner product
\begin{align} \b{C} \times \b{C} &\to \b{R} \\ (z, w) &\mapsto \operatorname{Re}(\bar{z} w) \end{align} Using polarization, the inner product is equivalent to the norm $|\cdot|: \b{C} \to \b{R}$. All these structures have been known to be useful.
However it should be noted that, as is usual when defining multiple different structures on an object, these structures on $\b{C}$ are so useful, because they are compatible. In this particular case compatibility takes the form of the multiplication rule for absolute values $|z w| = |z| |w|$.
Other examples I can think of: