My feel is that this is a girl he is very fond of that gets into big screen porn (foreign movie). She was probably hoping for a legitimate acting role but what the hey, she'll be famous!. They are still good 'buddies'. She flirts with photos she sends him. He feels that the actions she is taking in this new venture will come back to haunt her, but even this turns him on (This is Fagan after all). When she sees the shutter fall on the camera taking her photo in a particularly compromising situation, reality come back to her in '3D', i.e. the reality of the situation. The protagonist seems to cynically state that this is what you want. (It's your favorite foreign movie)
My feel is that this is a girl he is very fond of that gets into big screen porn (foreign movie). She was probably hoping for a legitimate acting role but what the hey, she'll be famous!. They are still good 'buddies'. She flirts with photos she sends him. He feels that the actions she is taking in this new venture will come back to haunt her, but even this turns him on (This is Fagan after all). When she sees the shutter fall on the camera taking her photo in a particularly compromising situation, reality come back to her in '3D', i.e. the reality of the situation. The protagonist seems to cynically state that this is what you want. (It's your favorite foreign movie)
[Edit: Afterthought]