Currently, I can pretty much understand a significant portion of (basic) general words, specifically when reading. Speaking, however, I think requires a different type of memory that I haven't yet built up.
If I read more in Portuguese, I not only think more in Portuguese, but gain a larger repertoire of words. Eventually I'll be able to formulate my own sentences with clarity and fluidity. At least, I'm hoping to compensate for the lack of conversational experience.
Also, I default to Portugal Portuguese, but it seems that the rest of the world is going with Brazilian Portuguese.