Yes there are B727s in Venezuela, I forgot to mention them in my previous post.
As Anti-icing said, Aeropostal has a couple of YV registration B727-200s that are being phased out. Aeropostal is getting MD80s to replace them. The first MD80 from aeromexico arrived in Caracas in Dec 2003 and entered service in February 24th on the Caracas-Bogotá-Quito-Bogotá-Caracas route.
One more MD80 will arrive sometime this years and there is a rumour that aeromexico is throwing a B757 in the deal... let's see what happens, will be good to have a B757 in a Venezuelan airline.
The other Venezuelan airline that operates B727 is Santa Barbara. They fly it on the Caracas-Guayaquil-Lima-Guayaquil-Caracas route. That flight is scheduled for connections to/from Madrid.