Answers:
Looking down the barrel as if its pointed straight at you, that your about to be shot dead (or in some trouble). Looking up the barrel would be the other way around, your about to kill someone which really wouldnt be that 'useful' of a quote.
For reasons unknown when the gun barrel is pointed at you and you look at it, even when it is pointed down at your prone and bleeding figure, you are looking done the barrel. I have never heard of looking up the barrel. This is one of those 'lost in the mists of time' things like bring or take.
If you're looking up the barrel, you are about to get your head blown off.
.It just means the the barrel of a gun is so near to your eye that it is akin to looking down a well. It is also a metaphor for being in imminent danger
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