An experimental technique is demonstrated for acoustically levitating aqueous foam drops and exciting their spheroidal modes. This allows fundamental studies of foam-drop dynamics that provide an alternative means of estimating the viscoelastic properties of the foam. One unique advantage of the technique is the lack of interactions between the foam and container surfaces, which must be accounted for in other techniques. Results are presented in which a foam drop with gas volume fraction f φ=0.77 is levitated at 30 kHz and excited into its first quadrupole resonance at 63±3 Hz. By modeling the drop as an elastic sphere, the shear modulus of the foam was estimated at 75±3 Pa.