Old English sceawian "to look at, see, gaze, behold, observe; inspect, examine; look for, choose," from Proto-Germanic *skauwojan (source also of Old Saxon skauwon "to look at," Old Frisian skawia, Dutch schouwen, Old High German scouwon "to look at"), from Proto-Germanic root *skau- "behold, look at," from PIE *skou-, variant of root *keu- "to see, observe, perceive."
Causal meaning "let be seen; put in sight, make known" evolved c. 1200 for unknown reasons and is unique to English (German schauen still means "look at"). Spelling shew, popular 18c. and surviving into early 19c., represents obsolete pronunciation (rhymes with view). Horse racing sense is from 1903, perhaps from an earlier sense in card-playing.
Old English up, uppe, from Proto-Germanic *upp- "up" (source also of Old Frisian, Old Saxon up "up, upward," Old Norse upp; Danish, Dutch op; Old High German uf, German auf "up"; Gothic iup "up, upward," uf "on, upon, under;" Old High German oba, German ob "over, above, on, upon"), from PIE root *upo "under," also "up from under," hence also "over."
As a preposition, "to a higher place" from c. 1500; also "along, through" (1510s), "toward" (1590s). Often used elliptically for go up, come up, rise up, etc. Up the river "in jail" first recorded 1891, originally in reference to Sing Sing, which is up the Hudson from New York City. To drive someone up the wall (1951) is from the notion of the behavior of lunatics or caged animals. Insulting retort up yours (scil. ass) is attested by late 19c.