Can .Net call an eMbedded Dll?

The generic answer to "Can CF code use native dlls" is yes. You can use the platform invocation services (PInvoke) via the DllImport attribute (or Declare in VB) and that allows you to call exported functions from native (C/C++) dlls.

You specifically mentioned eVC 3.0. That tool cannot be used to create dlls for the same platforms that VB2005 via the CF supports (WM2003 & CE 5.0 and above). You need to create the native dll with eVC 4.0 and the appropriate service pack or with VS2005 unmanaged C++.

Bottom line, if your dll already runs on the same platform as your CF code then you can call it via PInvoke. With CF 2.0 you can even use COM Interop.

Cheers
Daniel