Chavez is just an amusing buffoon - a GREAT idea would be for someone to write a Broadway comedy about him, a la Gilbert and Sullivan.
It's a democracy, if the people voted for term limits to be reduced to five hours then that's what would be implemented. The government is an employee of the people, it acts in accordance with the will of the people, and if the people, during the course of a referendum or whatever, decide they want to abolish term limits than that is democratic. That is a democracy. Besides, even if he did get it done, which he hasn't, he could still lose.