I don't think he'd attack Colombia, because that would give us a reason to come to their defense and attack him. He taunts us, but he's still afraid of us; for the moment, at least.
Of course, once he gets pumped up with Chinese weaponry, all bets are off.
Better make that with Russian and Chinese weaponry. Venezuela has recently bought 50 Mig-29SMT's, in the process to buy a number of helicopters, at least 100,000 more rifles. The deal was in the billions so I have to suspect that there is much more, but that is all the details given thus far.