Spoked to Death
Join Date: Jul 2004
Location: Boulder, CO
Bikes: Salsa La Cruz w/ Alfine Internal 8-speed, Scattante Ultegra roadie, Maserati fixie conversion
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700C wheels usually fit fine on bikes meant for 27". I'm going to assume you were already planning on getting a new wheelset, instead of just putting 700c tires on 27" wheels, which clearly wouldn't work.
A 700C rim's diameter is 8mm less than a 27" rim, so your brake pads will need to be dropped by 4mm. Just measure how much adjustment room you have on the pads, and if you have at least 4mm worth, you'll be fine. Its rare on those older bikes to have calipers that don't have enough adjustment for 700c wheels, but it does happen.