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The theory of regular quaternionic functions of a reduced quaternionic variable is a 3-dimensional generalization of complex analysis. The Moisil-Theodorescu system (MTS) is a regularity condition for such functions depending on the radius vector r = ix+jy+kz seen as a reduced quaternionic variable. The analogues of the main theorems of complex analysis for the MTS in quaternion forms are established: Cauchy, Cauchy integral formula, Taylor and Laurent series, approximation theorems and Cauchy type integral properties. The analogues of positive powers (inner spherical monogenics) are investigated: the set of recurrence formulas between the inner spherical monogenics and the explicit formulas are established. Some applications of the regular function in the elasticity theory and hydrodynamics are given.