It will work on all RAM except speeds higher than the destined speed of PC3200, so yes, you could use the PC2700 RAM.
Though, if I were you, I'd try and get some speed PC3200 RAM when you can, as its faster.
One thing to mention though, would be not to mix them, as the faster RAM would simply be slowed down, and might cause instabilities.
I hope this helps.
Abit IP35 Pro / Q6600 G0 / Zalman 9700 / 8800GTS 640mb / 4x 2GB Corsair XMS / X-FI Xtreme M / 1x 1TB / Antec 900 / Logitech Z-5500 / Samsung 20inch