As far as I understand 0/0 = undefined. What does this actually mean?
It means that it's gibberish. Nonsense. Gobbledegook. It's the formal equivalent of being gramatically incorrect. In the formal language of real number arithmetic, it says "Thou shalt put a real number into the numerator, and thou shalt put a nonzero real number into the denominator, and the combination shall henceforth be known as a real number."
Normally, when you get 0/0 in the course of doing arithmetic, it's because you've made the
incorrect assumption that some number was nonzero. This has already been pointed out, but I just wanted to harp on it again.
by originally defining p = mv/sqrt( 1 - v^2/c^2)
I suspect they didn't actually
define it -- the word "define" is often used inappropraitely, but let's assume you're right.
What was defined was some thing I'll call "tardyonic momentum" -- it is a momentum that is only defined for tardyons. (Particles that travel slower than c)
Then, an algebraic relation was derived: probably
E² = (mc²)² + (pc)²
so this formula suggests a new, better thing I'll call "tardyonic-luxonic momentum": this thing is applicable both to tardyons and to luxons (particles that travel at c).
So it's not that the original definition was ignored -- it's that a new and better concept was devised, and we're using that one now.