You can divide vectors with clifford ("geometric") algebra.
The geometric product of vectors is associative:
$$abc = (ab)c = a(bc)$$
And the geometric product of a vector with itself is a scalar.
$$aa = |a|^2$$
These are all the properties required to define a unique product of vectors. All other properties can be derived. I'll sum them up, however: for two vectors, the geometric product marries the dot and cross products.
$$ab = a \cdot b + a \wedge b$$
We use wedges instead of crosses because this second term is not a vector. We call it a bivector, and it represents an oriented plane. It can be instructive to introduce a basis to see this. $e_1 e_1 = e_2 e_2 = 1$ and $e_1 e_2 = -e_2 e_1$ capture the geometric product's properties for these orthonormal basis vectors. The geometric product is then,
$$ab = (a^1 e_1 + a^2 e_2) (b^1 e_1 + b^2 e_2) = (a^1 b^1 + a^2 b^2) + (a^1 b^2 - a^2 b^1) e_1 e_2$$
As I said, the geometric product of two vectors is invertible in Euclidean space. This is obvious from the associativity property: $a b b^{-1} = a(b b^{-1}) = a$. That $b b^{-1} = 1$ implies that
$$b^{-1} = b/|b|^2$$
It's informative to look at the quantity $a = (a b) b^{-1}$, using the grouping to decompose it a different way.
$$a = (ab)b^{-1} = (a \cdot b) b^{-1} + (a \wedge b) \cdot b^{-1}$$
The first term is in the direction of $b$, the second is orthogonal to $b$. This decomposes $a$ into $a_\parallel$ and $a_\perp$.
What others have said is right, you can't define just the vector cross product to be invertible. This decomposition should convince you--you cannot fully reconstruct a vector without information from both the dot and cross products. And as has been said, this product is not commutative.