I'm a dual nationality Venezuelan-Italian citizen and I've earned an "Abogado" degree from Universidad Central de Venezuela. Is it possible to qualify as a practising lawyer in Germany? Who knows?

Yes, it is possible. However, you will have to make your way through all the stages (university, traineeship) of the German legal education system, as - in general - you will not be able to get your Venezuelan qualification recognized.
http://www.anerkennung-in-deutschland.de/html/en/lawyer.php
http://www.justiz.bayern.de/landesjustizpruefungsamt/auslaendische-abschluesse/

If you want to solely act as a legal consultant regarding Venezuelan law, there is the less time-consuming way of registering as a "Rechtsdienstleister" - you won't be able to give advice in any other area and will not be admitted to the bar, though.

Bye
flori

Why Germany and not Italy?

You should take advantage of the fact you are italian, and pursue an Italian lawyer degree.

Of course, you wil have to study you law degree all over again, but might get some credits transferred for international or comparative law courses, which will save you a little time.

When the time comes, you might consider Germany as an option. But, you will be more valuable, if you gather some experience practicing in Italy first, than if you search for a job abroad as a recent graduate.