We report initial results from AO327, a drift survey for pulsars with the Arecibo telescope at 327 MHz. The first phase of AO327 will cover the sky at declinations of -1 to 28 degrees, excluding the region within 5 degrees of the Galactic plane, where high scattering and dispersion make low-frequency surveys sub-optimal. We record data from a 57 MHz bandwidth with 1024 channels and 125 us sampling time. The 60 s transit time through the AO327 beam means that the survey is sensitive to very tight relativistic binaries even with no acceleration searches. To date we have detected 44 known pulsars with periods ranging from 3 ms to 2.21 s and discovered 24 new pulsars. The new discoveries include three millisecond pulsars, three objects with periods of a few tens of milliseconds typical of young as well as mildly recycled pulsars, a nuller, and a rotating radio transient. Five of the new discoveries are in binary systems. The second phase of AO327 will cover the sky at declinations of 28 to 38 degrees. We compare the sensitivity and search volume of AO327 to the Green Bank North Celestial Cap survey and the GBT350 drift survey, both of which operate at 350 MHz.