This is actually two questions rolled into one. One is about the mathematics of probability, and how probability can be used with continuous spaces. The other is about physics and how we use mathematics to model it.
I'll focus on the former.
People tend to think of probability as something that is assigned to specific outcomes - and if you want the probability of a combination of outcomes, you just add up the individual probabilities. For example, if you roll a fair die, the probability to get 1 is $1/6$, the probability to get 2 is $1/6$, so the probability that the outcome will be in the set $\{1,2\}$ is $1/6+1/6=1/3$.
That last example happened to be a uniform distribution, with all elementary outcomes having the same probability - but you can just as well talk about probability spaces where outcomes have different probabilities. For example, you can have a loaded die, where the probability of 1 is $1/8$ and the probability of 2 is $1/4$ (and some probabilities for the other options). The the probability the result is in $\{1,2\}$ is $1/8+1/4=3/8$.
This all works when the space of possible outcomes is finite; and with a bit more effort, when it is countably infinite.
But if we want to use probability theory for continuous variables (in a space such as $\mathbb{R}$ or $[0,1]$) - and we do, since that is an extremely useful thing to do - we have to step back from such an approach. There is no way to assign a probability to each $X\in[0,1]$, such that uncountably many values have a positive probability, and the sum of probabilities is 1.
What we do is - instead of thinking of probabilities of specific outcomes, we think of probabilities of sets of outcomes. A set is no longer simply a collection of self-sufficient outcomes - a set is the fundamental object we use to define our probability space.
So when we have a variable in $[0,1]$, we can't talk about the probability that it will be $1/3$ or $\pi/4$ (well, we can, but the probability will be 0, which is not very interesting). What we can say is that its probability to be in $[1/2,2/3]$ is $7/36$ and the probability to be in $[1/10,1/7]$ is $51/4900$. If we specify the probability for every set we care about, we have defined our probability distribution.
The mathematical branch of assigning a size to every set, which satisfies a few intuititive properties, is called "measure theory". This is a generalization of the concepts of length, area, volume, integrals, and so on. Probability theory is basically measure theory when we require that the measure of the entire space is 1.
Note that it is actually impossible to assign a measure to every set. There are too many subsets of our space, and they are too weird.
But we don't have to. For the purposes of random variables on a subset of $\mathbb{R}$, it is enough to define a non-decreasing function $F(x)$, which specifies the probability that $X\le x$. From this we can calculate the probability of $X$ to be in any reasonable set we choose. This function is called "cumulative distribution function"
If $F(x)$ happens to be differentiable, we can talk, about its derivative $f(x)=F'(x)$, which we call "probability density function". We can also define a distribution by its PDF, but this is less general, since not all CDFs are differentiable.
By the way, the probabilities I gave above were for the distribution $f(x)=2x$ and $F(x)=x^2$, for $0\le x\le 1$.
So we can't meaningfully talk about the probabilities for specfic outcomes of a continuous random variables, we can talk about their probability densities, and this tells us which regions are more likely. While we will never find a molecule with a speed of exactly $1 m/s$ or $2 m/s$, we are more likely to encounter a speed of around $1m/s$ than around $2m/s$, if that's what the densities tell us.
I didn't go into the question of whether gas molecules exist, whether they are tiny billiard balls or quantum wave functions, whether they have velocities, whether the velocity is continuous or discrete, etc. I'm just assuming they have an unknown velocity which is modeled as a continuous random variable. That's a useful model for many applications.
Regarding the bit at the end:
First, having a probability of 0 does not really imply that $1/\infty=0$. Probabilities of things can be 0 without implying anything. It is true, though, that you can't have uncountably infinitely mutually exclusive events each with a positive probability.
Second, it is definitely not not true that $1/\infty=0$. $\infty$ is not the mysterious beast high-school teachers want you to believe it is. There are perfectly legitimate toplogic/algebraic structures, such as the Riemann Sphere, where $\infty$ is a full-fledged member, and $1/\infty=0$.
Finally: Note that the word "model" appeared several times in the answer. This is no accident. The truth is that we have no idea how physics actually works. What we do have is mathematical models of it. All models are wrong, but some models are useful. Gas molecules don't actually have probability densities to have certain velocities, we just model them as such.
This is something that should be kept in mind when asking questions like this. As I mentioned at the start - understanding the model, and understanding how we can use the model for a physical situation, are two different things.