I can't imagine why it wouldn't work, but I also can't imagine why you would want to. There are many other options out there that would work as well and are meant for that purpose, and would look much better.
I'm willing to bet that there are some people here who can come up with better materials that would be easier and better for your shower.
As far a the walls in general in your bathroom, I'd go with a good quality mildew resistant paint like PermaWhite (can be tinted), made by Zinnser. This will not work in a shower area, only the walls and ceiling and woodwork in the bathroom itself.
If you want something with a pattern to it, then use a good quality pre-pasted wallcovering that has been pasted with "Kitchen and Bath wallcovering adhesive", made by Roman Adhesives. This also will not work in a shower area, only on the walls of the bathroom itself.