Hello there! I am fairly new to bicycle repair/maintenance, but I've read quite a bit so I hope to use the correct terminology. So here's some background info to my question.

I just bought a 1987 Fuji Sagres for $80, (I'm not bike-savvy enough to know whether that was a good deal or not, but I wanted a fast bike for triathlons and it was within my price range). In fact, I just put my first 22 miles on her yesterday. I am convinced that she sat in a garage for the last 22 years because every single component on her is standard/factory (not sure how you say in "bike-speak" that nothing's been replaced) and pretty much spotless. Only thing I did was replace the tires and tubes. And in doing that, I came upon this possibility. My bike has rims that are 27" x 1 1/8" and I just purchased new tires that are 27" x 1 1/8". But when searching online for new tires I found that most of the variety and deals were limited primarily to the 700c tires. Now, I know that's because 27" rims are somewhat outdated. So, I guess what I am wondering is, is there a way to modify my bike slightly so that I can use 700c rims and thus have an easier time finding replacement tires? I plan on owning this bike forever, so I feel like even if it was a little bit of work, it'd be worth it.

Also, I am president of a bike co-op and we have so many extra 700c tires it's ridiculous. So, you can imagine my frustration when my tire popped my tube 3 miles out and I couldn't even use any of the tires we had in the shop!

I have tried reading up on this, to determine if it is a possibility. I have read on Sheldon Brown's website about something called "cold-setting". Couldn't understand all of it and I am not even sure if it can be done to my bike, or if it is even necessary. I think 700c and 27-inch rims are close to the same size. Could I just adjust the brakes so they lined up correctly?

Here is some information you may need to know about the bike to determine if changing the rim size is a possibility:

Frame: FUJI Quad-butted VALite "Si 45" tubing (whatever that means)
Fork: FUJI HI-Ten tubing

Actually, I don't know what might be pertinent. Here is a link to the exact specs - http://classicfuji.com/Sagres_1987_Page.htm

And here is a picture of my gorgeous bike, 'cause I know you want to see her.



So, what do you think? Can it be done?
And, if so, how?

Thanks!