700c is significantly smaller than 27 to the extent that a 700c tyre will almost certainly not fit on your rim. there is 8mm diameter different in the rims (630 versus 622)
you can still get 27" tyres, but very limited range, and higher cost than 700c. In long run you may find it easier to convert to modern road size rims (622mm) rims, and may need long reach brakes if you make that change.
Anyway you should know that Sheldon Brown has a detailed page on this... http://www.sheldonbrown.com/tire_sizing.html
700c is significantly smaller than 27 to the extent that a 700c tyre will almost certainly not fit on your rim. there is 8mm diameter different in the rims (630 versus 622)
you can still get 27" tyres, but very limited range, and higher cost than 700c. In long run you may find it easier to convert to modern road size rims (622mm) rims, and may need long reach brakes if you make that change.
Anyway you should know that Sheldon Brown has a detailed page on this...
http://www.sheldonbrown.com/tire_sizing.html