Positive Crankcase Ventilation
It keeps the crankcase from getting pressurized, which will spew oil out of every orifice there, like the dipstick tube, any small leak in the valve covers, oil pan, etc. That pressure comes from the little bit of blowby that's in all engines, plus the internal pressure changes from the pistons moving up and down. It's a good thing to have. You can block it off and put breathers on, but like BJ said, it will smoke from there and leave a mess. The PCV ducts that to the intake so that those fumes / smoke are run back through the engine and burned.