On Wikipedia we find $$\displaystyle \bbox[5px,border:1px solid #F5A029]{1 + 1 + 1+\dots =\sum_{n=0}^\infty 1 = -\frac{1}{2}}$$ using (the rather complicated) zeta-function regularization. I asking for an elementary derivation possibly based on the idea that on average
$$ \sum_{n=0}^\infty (-1)^n = \begin{cases} 1 & \text{ if }n\text{ is odd} \\ 0 & \text{ if }n\text{ is even} \\ \end{cases} = \frac{1}{2} $$
There is a blog discussion that uses very general "cutoff" functions, but I am having a hard time specializing to the case at hand.
A serious question is to qualify where the basic properties of addition break down:
$(a+b)+c = a+(b+c)$ associativity
$a+b = b+a$ commutativity
$a + 0 = a = 0 + a$ addition by zero
This example obviously shows we can't use these axioms infinitely many times without generating contradictions. A related question even has $\sum 1 = 0$.
Of course, this series diverges, if we define summation of a series, $$\sum\limits_{n=0}^{\infty} a_n,$$in the usual way, as the limit of the sequence of partial sums, $\{s_n\}_{n\in\mathbb N}$, where $s_n:=\sum\limits_{i=0}^{n}a_i$.
However, a unique value can be assigned to some divergent series, if we agree to alter the definition of the summation itself (this is the "catch", of course) - we can redefine what the symbol $\sum_{n=0}^{\infty}$ means in order to broaden it. The question shifts, from what is $1-1+1-\dots$, to how shall we define $1-1+1-\dots$. Instead of the limit of sums, we define a summation method as a linear functional $S$ from sequences to $\mathbb R$. Likewise, we demand that we recover the same result if the partial sums converge in the ordinary sense, ie $$\lim\limits_{n\rightarrow\infty}s_n=s \:\Rightarrow S[a_n]=s.$$
Some summation methods also obey an additional property of stability, that if $a_0+a_1+\dots=s$, then $a_1+a_2+\dots=s-a_0$. I am restoring plus signs for easier understanding.
An example is given by the Cesaro $(C,1)$ sum, defined as $$S[a_n]=\lim\limits_{n\rightarrow\infty}\frac{s_0+s_1+\dots+s_n}{n+1}$$
which was actually first used by Leibniz to sum $1-1+1-\dots$ in 1713. It satisfies the third property as well.
An elementary derivation of the result you wish to know is given by Abel summation, $$S[a_n]=\lim\limits_{x\rightarrow 1^-} f(x)$$ where $$f(x):=\sum\limits_{n=0}^{\infty} a_n x^n$$ converges for $0\leq x < 1$. This was the method Euler used to sum $1+2+3+\dots$, and it reduces to Cesaro summation (it is slightly more general).
You can Abel sum your series, if you start from the geometric sum $\frac{1}{1+x}=1-x+x^2-\dots$, and let $x\rightarrow 1$.
For further discussion I recommend reading Divergent series by G. H. Hardy.