In first place, It's Colombia, not Columbia. That indicates that probably you have never seen an entire game of Colombia.
Secondly, I don't think Colombia has the potential to make the semis. I put them in 1/16 or, at best, in QFs. But...if they reach the semis, it won't be a very big surprise. I tell you what.
They have one of the best coaches in the world. José Pekerman won 3 U-20 world titles with Argentina (1995-1997 and 2001), plus, he made quarterfinals in Germany 2006, so as you can see, he knows what it takes to make the top 8 in a World Cup
Colombia doesn't have Messi, Aguero, Higuain, Di Maria, etc. So could say that "Pekerman made the QF's in a talented team, so there's no big coaching influence", but the fact is, Pekerman knows that Colombian football is very offensive, they like to have the ball posession (like Barcelona, by example), and Pekerman teams always play the Barcelona's style. The opposite to Italy "cattenaccio" and Portugal style (play the kickback style, taking advantage of CR7 and Nani's speed). This is why Colombia recovered the 90's style (remember that Colombia played in the 3 WC's of the 90's. 1990, 1994 and 1998)
And it's not only Falcao. Perea, Arnero, Guarin, Jackson Martinez, Teo Gutierrez, James Rodriguez...plus the new jewel Eder Alvarez Balanta (20 years old, he plays like a 10 years pro. He will be the replacement of Puyol in Barcelona, remember this.
Of course...Colombia never made the quarterfinals (best appearance was in 1990, reaching 1/16 finals), so for them, reaching that stage it's a national victory.
Speaking of Portugal, you think that CR7 is the only good player of the team? This is incorrect. Coentrao, Pepe, Moutinho, Nani, Meireles, Hugo Almeida, Postiga...
Moreover, CR7 is not the best player in the world. Messi is the best player in the world in the last 4-5 years.