Wow! I think it's one of the closest things to your own private island. $7-$28US gets you there and back depending on how remote you want to be.
We started the day with the typical Venezuelan meal of Arepa with eggs beans and cheese. If you never had it Arepa is a corn meal patty that is vaguely similar to a english muffin, but really has an entirely different taste. Then we found a nicer hotel called the Puerta del Mar for $30US a night with a sparkling swimming pool and jacuzzi which included our meals too (and I later regreted).
Now that we had the accomidations lined up, we chartered a boat (by basically just showing up at the beach since many men lounge around all day waiting to make the trips to the various islands of Morrocoy National Park. The hotel gave us a cooler to use which we filled with beer and a few sandwiches from the store nearby, and we were on our way to Cayo Muerto. We ended up sharing the island with about 4 other families who were frolicking in the surf, which was protected from the Carribean sea by a large array of submerged rocks that lay just off the island. I was told that on weekends the island is quite crowded, but it certainly was not the case today.