It returns a handle to the DirectX 3D device. After Blitz starts the Graphics3D mode, a device is initialized that is capable of rendering 3D. This device is a part of DirectX.
It might not be easy porting it to C. You need to setup a device like this, and then get it's handle.
The type of this device is 'idirect3ddevice7', if you search for it in google, you can find more info on it.
A quick search gave me this page:
http://www.programmersheaven.com/2/Introduction-Direct3DWith an example how to create such a device. I didn't try it though.