It's defined that way because it's useful.
If it helps, cross products are almost just like ordinary multiplication: if we write the standard basis vectors as i, j, and k, then all you need to know to compute a cross product is that
[tex]\begin{equation*}\begin{split}<br />
i \times i = j \times j = k \times k = 0 \\<br />
i \times j = k \\<br />
j \times k = i \\<br />
k \times i = j \\<br />
j \times i = -k \\<br />
k \times j = -i \\<br />
i \times k = -j<br />
\end{split}\end{equation*}[/tex]
(which is pretty easy to memorize), and that you can apply the distributive rule. (but not the associative rule, or the commutative rule!)
One geometric meaning to a cross products relates to perpendicularity -- you can already see that in the above identities. Another geometric meaning to the cross product of v and w is the "area" of the parallelogram with sides v and w, represented as a vector perpendicular to both v and w.