Once you add a project reference to a COM DLL you can use its public class objects, types, and enums.
With a regular DLL you will typically use the Declare statment to define the methods that you will call from the DLL... For example with the Win32 API calls.
If you want to make a project refernce to a regular DLL, you should make a type library (ie .TLB) that exposes your methods.