I guess that Brazil market may be similar in size to Russian, where PS3 broke 100k mark some time ago. Brazilian people are a little bit poorer but there are more of them.
I would say that rest of South America market should be comparable to Brazilian market (total and per capita GDP is similar).
This assumes acceptable prices for consoles, in Russia prices are similiar to EU prices (PS3 around 600-650$)
I think that Central America and Caraiban won't buy much hardware due to proximity to USA. Unless Sony would go really low with prices (less than 500$).
Some of Latin America countries are considered high developed (Brazil, Mexico, Argentina, Chile, Urugway) and some are considered medium developed (Venezuela, Columbia, Peru, Ecuador, Bolivia). Low developed countries are only in Africa.
http://en.wikipedia.org/wiki/List_of_countries_by_Human_Development_Index
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