This number would not be equivalent to the concept of infinity, but would be a number analogous to that concept. I'd also be interested to how the different ways of doing this (I'm assuming there are many), how they differ, and what their different applications are.
So this version of infinity would behave like this:
$\infty$ > X for all X $\in$ $\mathbb{R}$
$\infty$ + 2 > $\infty$ + 1
2 > 1
Rather than:
$\infty$ is the largest number
$\infty$ + 2 = $\infty$ + 1
2 = 1
There are indeed lots of ways to do this, although they may not quite paint the picture you expect.
At the simplest level, assuming that you want a number system in which addition, subtraction, multiplication, and division work "as we expect," you're just looking for non-Archimedean ordered fields which contain $\mathbb{R}$. There are indeed lots of these. For example, consider the set of rational functions in a single variable $x$ with coefficients from $\mathbb{R}$, modulo equality almost everywhere (so that we identify e.g. $x$ with $x^2\over x$). This is a field, and carries a natural ordering compatible with the field structure: set $f<g$ iff $\lim_{x\rightarrow\infty}(g(x)-f(x))>0$. It's easy to check that this is in fact a non-Archimedean field. (In fact, note that any ordered field containing $\mathbb{R}$ must be non-Archimedean!)
We can look further for non-Archimedean fields satisfying additional special properties. A hyperreal field, for example, is a non-Archimedean ordered field which shares all "reasonably-definable" properties with $\mathbb{R}$ in a precise sense, while the surreal numbers form a particular (proper-class-sized) non-Archimedean ordered field which is "maximal" in an appropriate sense.
In all such cases however there is not a single "distinguished" infinite element; instead, there are lots of infinite elements, with no one being particularly special. So this cuts against the idea of $\infty$ as a meaningful symbol denoting a single element.