We extend the notion of a purely infinite simple C*-algebra to the context of unital rings, and we study its basic properties, specially those related to K-Theory. For instance, if R is a purely infinite simple ring, then K0(R) + = K0(R), the monoid of isomorphism classes of finitely generated projective R-modules is isomorphic to the monoid obtained from K0(R) by adjoining a new zero element, ...