Your engine creates blowby vapors that contain moisture, as well as combustion byproducts and unburned fuel vapors. These containments can end up in your crankcase, which is sealed to prevent the escape of these gases into the atmosphere, but they have to go somewhere to prevent oil contamination.
The Breather Valve, or PCV Valve, takes these gases and siphons them from the crankcase into the intake manifold so they can be reburned in the engine. This valve can easily get clogged over time and it should be changed every 50,000 miles or so.
Keep your engine clean, replace that old PCV Valve today.