1) I use this DLL in my asp.net project like:
MyCode.Custom.Calc_Special
MyCode.MyStructure
Question: How does that change after spices Obfuscation ? How do the bold and underline names work in main project on reference?
It depends on obfuscation settings. If you'll use default obfuscation settings, MyStructure, MyCustom names won't be changed, Cals_Special will be obfuscated. If you will obfuscated mentioned vb.net dll with asp.Net code together - references to obfuscated MyCustom.Calc_Special will be automatically obfuscated (cross-obfuscated).
2) Can the DLL be reversed engineered or cracked by third parties ? How secure is the Obfuscation process???
The first that you should understand - your assembly is still accessible for reverse engineering. But obfuscator make your assembly hard to reverse engineering or crackers, to make results of reverse engineering meaningless and useless.
3) I assume I can do this, that is Obfuscate a DLL within my asp.net project rather than Obfuscate the whole project itself.
That's better if you protect the whole project, in that case you can increase level of protection and obfuscate even public members of your vb.net assembly.