I pitched my PCV valve in favor of a second breather.
To answer your question, it's function is to remove the positive pressure that can build up in your crankcase as a result of blowby. Without it, you'd have positive pressure in the crank case, which can cause all sorts of leaks in valve cover gaskets, oil pan gaskets, etc.
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The IROC Homepage
<A HREF="http://www.rit.edu/~jli4307/camaro" TARGET=_blank>
View the restoration of an 85 IROC</A>
"I didn't know a bored out Ford could go so slow" -Shenandoah