Meaning:
What's happening next? What's up?
Background:
'Brown cow' is an 18th century description for a barrel of beer. The saying probably originated as a way of calling for another round of drink. Whilst 'brown cow' is now an obsolete term the saying lives on.
Early Example:
The auld anes think it best,
With the brown cow to clear their een.
The Gentle Shepherd (1725), Allan Ramsay